Friday, July 1, 2022

IMF demands to roll back PM's low-cost housing scheme

IMF demands to roll back PM's low-cost housing scheme

KARACHI (92 News) – The International Monetary Fund (IMF) has demanded to roll back the Prime Minister's Initiative for Low-Cost Housing scheme.

Sources said that State Bank of Pakistan (SBP) had received a report released by the IMF. However, the SBP has made neither made a decision in this regard nor discussed it.

They said that the Finance Ministry had also received the report. "The SBP had directed the commercial banks to give loans for the housing scheme on 5-7 percent interest.

They added that several people got loans on easy terms under the PM House Loan scheme.

"The construction industry, including builders and 72 industries associated with it, made progress due to the scheme. However, the IMF had expressed its reservations about the scheme," they stated.