2020 will be year of jobs, vows PM.

Byline: Syed Irfan Raza

ISLAMABAD -- Prime Minister Imran Khan on Tuesday promised that 2020 would be the year of jobs and housing facilities for deserving people and said it was his government mission to construct homes for low-income groups of society.

'Before this, the government system was a bit slow but now we have taken off and 2020 will be the year of jobs, housing and improving of growth rate,' Mr Khan announced while addressing a ceremony for distribution of cheques of interest-free loan among the applicants who want to construct houses under Rs5 billion Prime Minister's Low-Cost Housing Scheme.

Mr Khan vowed that as the income of government would increase, more funding would be available for housing, education and provision of justice to the poor people.

He said non-existence of foreclosure laws was one of the main hurdles in housing financing by banks. This facility was the world's lowest in Pakistan, he said. 'Banks in India finance 10 per cent of total housing, it is 30 per cent in Malaysia, 80 per cent in Europe and UK and only 0.2 per cent in Pakistan,' he added.

He said a case regarding foreclosure law was pending in a court and the government was waiting for its decision for over one year. 'We are waiting for the court's decision for one and quarter year but I am hopeful that this law will be enforced in the country soon,' he added.

The foreclosure law provides the means for a mortgage lender to take possession of and sell a home when the borrower has defaulted on the loan.

Mr Khan said besides allocating hefty amount for the health, education, justice and housing sectors, it was the mission of the Pakistan Tehreek-i-Insaf government to construct homes for low-income group of society.

He then directed the Ministry of Housing and Works to expedite the pace of work on the low-cost housing scheme.

Under the PM's scheme, interest-free loans will be disbursed...