PM lauds SBP financing policy for low-cost houses.

Prime Minister Imran Khan on Monday launched a low-cost finance scheme for the Pakistan Tehreek-e-Insaf (PTI) government's flagship project of constructing five million housing units in the country.

Addressing a ceremony in connection with the launch of State Bank of Pakistan's (SBP) financing policy for low-cost housing, the prime minister said that besides addressing housing issues at affordable cost, the project would be a force multiplier giving momentum to economic activities by creating jobs and boosting 40 allied industries.

He said a huge part of the population of the country was cash starved and could not afford to build houses, which was why the government was going to finance them for the purpose.

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PM Imran said the incumbent government had a different mindset from the past regimes as it was focusing on poverty alleviation like China, which had lifted some 700 million people in rural areas out of poverty with planning.

The low-cost housing project was a component of the PTI government's plan for poverty alleviation, he added.

The premier appreciated SBP Governor Tariq Bajwa for launching the financing facility for the low-cost housing project at a low interest rate, in addition to providing cash loan facility to small growers and the small and medium enterprises (SME) sector.

The SMEs were the backbone of economy and with the cash loans they would not only get a boost but also provide jobs to people, he added.

He also said the extent of housing finance facility in Pakistan was just 0.2 per cent, while it was 10 per cent in India, 30 per cent in Malaysia and 80 per cent in the United Kingdom and United States.

The prime minister also appreciated the steps to include the people of erstwhile Federally Administered Tribal Areas who had suffered a lot because of the war on terrorism transgender persons and under-privileged segments of the society in the scheme.

The PM said a social welfare state was the great dream of the forefathers, but unfortunately the present day Pakistan had become a country of the powerful and elite.

The PTI-led government was developing Pakistan on the pattern which had been dreamt by the forefathers, he added.

The prime minister also pledged to bring an ambitious programme for the slum areas, for which private sector developers would be encouraged to build flats with all...