Banks' concerns on loans to construction sector removed
Prime Minister Imran Khan said the government had removed all the reservations of banks and empowered the State Bank of Pakistan (SBP) to provide immediate subsidy - announced by the government - on loans given by the banks for housing.
He gave these directions while chairing a weekly meeting of the National Coordination Committee for Housing, Construction, and Development here. Information Minister Senator Shibli Faraz, Special Assistants Malik Amin Aslam, Lt Gen ® Asim Saleem Bajwa, Syed Zulfiqar Abbas Bukhari, Dr Shahbaz Gul, Governor SBP Dr Reza Baqir, Chairman New Pakistan Housing Authority Lt Gen ( retd) Anwar Ali Haider, and presidents of all the major banks attended the meeting.
Imran maintained
that the issue of foreclosure laws was being effectively pursued and directed the banks to make applications for construction of houses easy and convenient so that the low and middle-income people could avail themselves of this facility to the maximum.
Expressing satisfaction over the commitment of banks to play a dynamic role in the construction sector, the prime minister said construction sector guaranteed economic growth adding that the development of construction sector would create a number of lucrative business opportunities for the banks.
Briefing the participants on the progress made by the banks in the field of construction with regard to easy disbursement of loans and funds, the president of Pakistan Banks Association said favorable policies and facilitation of the government had encouraged the private banks.
"All banks are committed to promoting construction, especially for the lowincome and middle-income people," he said. Presidents of Bank of Punjab and Bank Al-Falah gave a briefing on the products to be introduced for promotion of housing construction under the New Pakistan Housing Programme.
The presidents of other banks informed the prime minister that products had been developed by the banks for promotion of construction, which would be introduced soon. Meanwhile, Advisor on Parliamentary Affairs Babar Awan called on prime minister and held consultations on various constitutional, political, and legal matters.
He also presented the new parliamentary calendar of PTI government's third year to the prime minister. Meantime, the prime minister also called for paying special attention to automation in tax assessment, collection, and refund system.