Prime Minister Imran Khan stated on Tuesday that the government is assisting in the building of affordable housing units for salaried and low-income groups by providing subsidies and waiving interest rates on mortgages.
Prime Minister Imran Khan said during the opening ceremony of the Pakistan Housing Authority (PHA) Officers Residencia that the construction business was an industry and a driving force that could help the country’s economy.
The idea for the project, which spans 90 acres, was conceived in 2008. Imran praised the Housing Ministry for completing the government employees’ postponed projects. He emphasised that the authorities should ensure that the remaining 88,000 housing units are completed on time.
The construction industry, according to the prime minister, is an industry that is propelling the country’s economy forward. “Around 30 additional allied industries go on when the building business thrives,” he said.
Pakistan, according to the prime minister, has a housing shortage. “People could own homes if they had cash; otherwise, due to pending foreclosure law before the courts, there was no alternative for seeking bank loans for the construction of homes on simple instalments in the past,” he stated.
“In addition, the institutions lacked trained personnel to entertain the loan applicants,” he continued. “Housing projects worth Rs124 billion have been sanctioned through bank loans for the first time in the country’s history, and a loan of Rs40 billion has already been given by the banks,” he stated.
The prime minister agreed that the price hike had disproportionately impacted the salaried class. He went on to say that it was his lifelong ambition to help low-income families and the salaried class obtain housing. “The banking mortgage law now allows people to redirect the rent from their rented dwellings to pay for the payments for their residences’ building,” he stated.
Imran stated that the World Bank’s report had verified Pakistan’s growth rate at 5.37 percent, while pointing to the worldwide price spike owing to the coronavirus outbreak. He went on to say that the construction industry’s expansion has resulted in a 40 to 60 percent boost in labour class income.
“The World Bank study on the country’s four indicators revealed that poverty had decreased,” he said, adding that the government did not shut down the building industry during the pandemic.
“Our exports have increased, while remittances and tax collection have reached new highs,” the prime minister remarked. “The country’s future has been set in the correct path,” according to Bloomberg, which stated that “Pakistan’s economy has been put on a high trajectory.”
The prime minister expressed optimism that the country’s economic situation will improve further. The prime minister had earlier toured a multi-story residential building in Sector I-16/3, which had been started at a cost of Rs8 billion.
Meanwhile, Prime Minister Imran, speaking to a Sri Lankan business group led by Trade Minister Dr Bandula Gunawardhana and State Minister for Regional Cooperation Tharaka Balasuriya, emphasised the need of making the most of the bilateral free-trade agreement (FTA).
The Prime Minister praised Dr Gunawardhana’s decision to travel to Pakistan with a business delegation. He drew the visiting delegation’s attention to Pakistan’s rich Buddhist legacy and expressed the hope that more Sri Lankans would visit the nation for religious tourism.
Dr. Gunawardhana expressed gratitude to Prime Minister for his warm welcome and kindness toward Sri Lanka. He highlighted his aim to deepen trade relations with Pakistan through B2B contacts, joint ventures, investments in high-potential sectors, and technology transfers, among other things.
