Inflation reduced, interest rate will also come down: PM

ISLAMABAD: Prime Minister Imran Khan Wednesday said inflation is now coming down and interest rate would also come down and people would easily opt for loans for housing.

He said the ground-breaking of 20,000 housing units was the beginning of building of five million houses in five years and the government will facilitate the construction sector to help provide housing facilities to masses.

Addressing a ceremony after ground-breaking of construction of 20,000 housing units under seven projects, he said the construction of houses would be undertaken by private sector while the government would provide it full facilitation in this task.

Appreciating the decision of the Lahore High Court (LHC) on foreclosure laws, which they waited for 15 months, he said this step would revolutionise the housing sector in Pakistan. He revealed that the house financing in Pakistan was 0.2 percent, whereas it was 80 percent in the US and UK and 30 percent in Malaysia, while it had reached 12 percent even in India now. Imran Khan said the government was taking steps to facilitate the construction sector by removing bottlenecks and impediments in their way. He noted the Naya Pakistan Housing Authority would not only provide housing facility to federal employees, but also give strength to 40 industries allied with the construction sector, and creating employment opportunities for youth.

The premier said that there was criticism everywhere: where were the houses, where was the housing scheme, and where was the Naya Pakistan and similar questions were raised in the National Assembly as well. Quoting a Chinese proverb, he said that for a thousand miles journey, one had to start it with first step. He said legislation was done, Pakistan Housing Authority was established and a structure had to be put in place and now ground-breaking of 20,000 housing units was undertaken.

Defending the vertical housing concept, the prime minister said new master plans of the cities would cater for the availability of green areas and land for farming and other activities. The prime minister said the proceeds obtained from launching of Blue Area in Islamabad and two other commercial projects in other cities would be used to accommodate people of slums and shanty areas, so that they get a decent living in vertical housing units.

The prime minister conceded that the real challenge for the government was to reform the schooling system and it was a challenge because for the last 70 years, this sector was neglected, which was based on a three-tier system: English medium, Urdu medium and seminary education. He said a uniform syllabus would be introduced in the country’s schools by next year in order to remove different cultures in the country and promote oneness and through a core syllabus while schools would be free to take decision on introduction of additional subjects so that one nation could be developed.

Referring to the recent Aurat March, he said that everyone saw a different culture and this comes from schooling. “We are going to synthesise the education system in order to discouraging various classes,” he remarked.

Meanwhile, Prime Minister Imran Khan expressed the government’s resolve to provide all out facilities to business community.

He observed this while talking to management committee of Overseas Investors Chamber of Commerce and Industry here. The prime minister said the government wanted to devise policies in consultation with business community and wanted their continuation and implementation in letter and spirit.

Imran Khan said the government was striving to ensure a secure environment for the business community so that they get full benefit of the available opportunities in Pakistan to spur the economic activities.

He directed Adviser on Commerce Abdul Razak Dawood to review the proposals of OICCI so that the problems identified by the companies associated with the Chamber could be resolved on urgent basis.

President OICC Shahzad Dada apprised the prime minister that the chamber comprises 200 companies in 35 countries that are working in different business sectors. He said the OICCI companies are exporting goods worth over $600 million and the figure could be increased to $2 billion.