State Bank of Pakistan announces policy for low-cost housing

Islamabad: State Bank of Pakistan has announced a finance policy to encourage building of low-cost housing across Pakistan. Prime Minister Imran Khan presided over the launch ceremony.

PM Imran Khan reiterated commitment of his government to build 5m low-cost housing units in five years. It is pertinent to note that a case related to foreclosure laws is awaiting decision in Lahore High Court.

PM said that the ratio of house-financing to GDP is just 0.2 per cent in Pakistan, as compared with 10 percent in India, 30 percent in Malaysia and over 80 percent in western countries. He predicted that the five million housing units programme will boost 40 other allied industries and create employment.

The Premier revealed his government’s plans to regularise katchi abadis by replacing them with flats and also promoting vertical city growth except for areas with aviation restrictions.

Federal Finance Minister Asad Umar emphasized the role of housing construction in triggering economic activity across different industries for producing more jobs per unit of investment. He lauded the SBP for launching the finance facility for low-cost housing and encouraged the commercial banks to take full advantage of the facility.

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