Let’s realise dream, PM to SBP

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif on Friday directed the State Bank of Pakistan (SBP) to devise a comprehensive plan, in collaboration with experts, to make his vision of affordable housing a reality.
He was addressing a two-day International Conference on Affordable Housing & Mortgage Finance organised by the SBP here.He reaffirmed the governor State Bank’s reference to the fact that it was a formidable task and that a journey of thousand miles begins with one step.
Nawaz advised the top bank to involve housing experts and come up with a comprehensive proposal for his approval so that the vision of affordable housing could be given a real impetus under his leadership.
The major gain of this international conference marks the beginning between the government and the banking sector to accomplish the gigantic task of new cities with all basic amenities in the spirit of inclusive development.
“We want to build dignified houses for the downtrodden and not become a party to the perpetuation of a ghetto culture in cities and suburbs,” he remarked.The prime minister pledged his unequivocal support for the initiation of this task by providing his full support for an effective legislative framework and public sector cooperation.
The concluding session was marked by an interactive discourse among the prime minister, finance minister, SBP officials and international experts, a welcome departure from a more generally formal template of the concluding sessions.
Earlier, giving his remarks Finance Minister Senator Ishaq Dar said the government had already taken steps to develop the mortgage industry and promote housing finance. In this regard, he mentioned the creation of Pakistan Mortgage Refinance Company with a significant share of the government in its equity.
The government has also initiated a Housing Finance Credit Guarantee Scheme, he said. The finance minister cited the global examples where foreclosure laws have helped promote housing finance.
He promised the government would accelerate the process of foreclosure law to be passed from parliament to give an effective protection and stimulate housing finance by the financial institutions without any hesitation.
In his welcome remarks, Governor SBP Ashraf Mehmood Wathra sought the prime minister’s support to accelerate the process to bring in a legislative framework to address the well-known issue of repossession and recovery which is a pre-requisite for providing mortgage finance to a borrower.
This, he said, was central and the first step to realise the vision of affordable housing for the poor and low income segment of the society.The prime minister gave his consent to the governor’s suggestion and instructed the Ministry of Finance, later on, to accelerate the process. The governor appreciated the valuable contribution of international experts who had brought their valuable insights and shared their experiences.