Prime Minister Imran Khan on Tuesday said it was mission of the present government to construct homes for low-income strata of the society besides allocating hefty amount to health, education, justice and housing sectors.
The prime minister was addressing a ceremony for distribution of interest-free loan cheques among the applicants who desired to construct their new houses under Prime Minister’s Low Cost Housing Scheme.
Under the scheme Rs five billion interest-free loans will be disbursed through M/s Akhuwat Microfinance among the desired low-income applicants having their own two to five marla plots. The loan will be utilized to construct new houses, additional rooms, kitchen and bath room including renovation and upgradation with loan amount up to Rs one million.
The prime minister said it was duty of the government to support the vulnerable segment of society and the biggest quality of a civilized society was that it worked for down-trodden segments of the society.
He said as the income of government increases, more funding would be available for housing, education and provision of justice to the poor people.
The prime minister appreciated Akhuwat Microfinance for providing interest-free loans to low-income people for construction of houses. He said it was responsibility of the government to create easiness and facilities for its people and that was model of the State of Madina, where the concept of Zakat was introduced to support down-trodden people of the society.
Unfortunately, such kind of system was not introduced in Pakistan, where the elites were enjoying all things while there was nothing for the poor and common man, the prime minister said, adding helping poor people and realizing their pains was an investment for the hereafter.
The prime minister said due to lack of foreclosure laws, the rate of constructing houses on mortgage was very low in Pakistan, adding in Pakistan it accounted for less than 0.25 percent as compared to 10 percent in India, 30 percent in Malaysia and 80 percent in European countries and United Kingdom.
He expressed hope that after a decision by the court, this process would be accelerated. He said it was top most priority of the government to create resources and job opportunities for the people, particularly poor, adding construction of five million housing units would provide job opportunities to millions of people besides boosting 40 other industries which were directly linked with housing sector. He said the government was launching three mega projects in the country and one of them had been launched in Islamabad, adding the amount received from Blue Area multi-billion rupees commercial project would be spent on providing housing units and flats to people of slums. The prime minister directed ministry of housing a works to expedite the pace of work on low-cost housing scheme. He said 2019 was the year of stabilization while 2020 would be the year of providing employments and increase in growth rate. Minister for Housing and Works Ch. Tariq Bashir Cheema while speaking on the occasion said the ceremony was a step towards culmination of the prime minister’s vision. He said under the scheme Rs five billion loans would be given to deserving people. He said loans among 2000 people had already been disbursed in a transparent way. He said under the scheme 14,000 houses would be completed till August, 2020. He said having their own home was a dream of every human being but resources and amount were required for it, adding provision of loan to low-income people would fulfill their long-standing dream. Dr Amjid Saqib of Akhuwat Microfinance said there was a need of nine million houses in Pakistan and the Prime Minister’s Housing Scheme would not only provide their own roof over the head of people but also provide job opportunities.
Separately, Prime Minister Imran Khan said the government was working relentlessly for economic growth and sustained positive sentiments, domestically as well as externally.
He, talking to a prominent bankers delegation that called on him, highlighted human resource potential of the country with enterprising youth in majority; “we need to channelize their energies through skill development thereby enabling them to contribute towards economic development.” The prime minister said the government was focused on reviving sick industrial units and promoting the SMEs, as they were essential for wealth creation and generation of employment opportunities. Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh, Adviser to the Prime Minister on Institutional Reforms Dr Ishrat Hussain, Governor State Bank of Pakistan Syed Reza Baqir and senior officials of the government were present during the meeting. The bankers apprised the prime minister about the issues concerning banking sector in terms of financing for accelerating the economic activities aimed at wealth creation and presented various suggestions to overcome issues being encountered. Prime Minister Imran Khan welcomed the proposals of the banking community particularly those related to the revival of the sick industrial units.
The meeting was informed that Corporate Restructuring Company had been established to take over sick industrial units for the purpose of reviving the commercially or financially distressed companies thereby making them profitable with consultation of all the stakeholders. The prime minister appreciated the proposals of the delegation and assured maximum facilitation.
