The government is set to expand housing finance by assigning lending targets to banks and fast-tracking legal reforms, as Prime Minister Shehbaz Sharif pushes to attract foreign and overseas investment into Pakistan’s construction sector.
PM Shehbaz chaired a review meeting on Thursday regarding the implementation of measures to increase investment in the housing and construction sector, read a statement released by the Prime Minister’s Office (PMO).
The meeting was briefed on the proposals of the Task Force on Construction and Housing Sector and related working groups. It was provided with details of the progress in implementing the approved measures.
It was said that special measures are being taken for investment in the construction and housing sector by foreign investors and overseas Pakistanis.
Call for reforms to save construction, housing industries
The government believes that the measures will increase residential construction projects, promote economic activities and create employment opportunities. The participants shared that work on legal reforms of the construction sector is in full swing, and legislation is in the final stages.
A low-cost loan system has been implemented for low-cost housing projects, and targets will be given to banks in this regard in the next phase. Moreover, work is in full swing on preparing the entire ecosystem of mortgage finance in the country.
A comprehensive system of developer-led financing is also being formed for the residential construction sector.
“Every citizen has the right to own a home; in this regard, provision of loans on easy terms is the top priority of the government,” the statement quoted PM as saying.
The prime minister noted vast investment potential in the domestic housing sector and urged authorities to remove obstacles to investment to fully benefit from it.
He ensured to protect investment in the sector by foreign investors and overseas Pakistanis.
“Promoting investment in the construction sector will not only boost the economy but will also create millions of job opportunities,” he said.
The prime minister directed the relevant authorities to formulate a workable strategy for further promotion of investment in the construction and housing sectors and ensure its implementation.
All public and private sector stakeholders, including provincial governments, Azad Jammu and Kashmir and Gilgit-Baltistan, should be included in the formulation of the strategy, he said.
PM directed to finalise comprehensive measures for the development of the residential construction sector and ensure their implementation soon.
The meeting was attended by Federal Ministers Azam Nazir Tarar, Ahad Khan Cheema, Muhammad Aurangzeb, Mian Riaz Hussain Pirzada, Minister of State Bilal Azhar Kayani, Attorney General Mansoor Awan, Governor State Bank Jamil Ahmed, Chief Secretaries of all four provinces, including Gilgit-Baltistan, Azad Jammu and Kashmir, private sector experts and relevant senior officials.
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