Prime Minister Imran Khan said Friday that the elitist mindset of the previous governments has caused severe damage to Pakistan. He was addressing a Mera Pakistan Mera Ghar ceremony in Islamabad.
“The past governments have never focused on the lower classes as they had only paid attention to the elite whether its education, health, or any other facilities,” he said. “Our development was never inclusive, and this damaged Pakistan badly.”
The gap between rich and poor had ballooned in the country over the years because of the “inadequate policies” that facilitated the “smaller segment” of the society, he added.
The premier termed the Rs100 billion approvals in the housing loan initiative a “big change” for Pakistan.
“I see Pakistan now moving in the direction it should have been headed in a long time ago,” he said.
Now the salaried class, he said, can own a house on loan and pay it back as easy as the rent.
“A commoner used to get afraid before stepping into banks because of its environment,” he said. “The English-speaking staff in a suit made him feel alien.”
The prime minister lauded the commercial banks for disbursing housing loans to the salaried class and urged them to market the facility even more so that the masses can build their own houses.
The project has also uplifted the economy as it gave a boom to the construction industry, he concluded.
The scheme enables banks to provide financing for land, house and apartment in both conventional and Islamic banking.
Earlier this year in September, the State Bank of Pakistan revealed that the commercial banks disbursing the government’s markup subsidy scheme had gained momentum.
Applications with a cumulative worth of Rs154 billion had been received since the launch of the scheme by different banks. It approved housing finance of over Rs59 billion till August 31, 2021.
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