Govt to support housing sector to create jobs: Hafeez
ADB okays $10bn loan for Pakistan
Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh has expressed government’s support to the development of housing sector as it has the potential of providing employment opportunities to the youth. He was chairing a meeting here on Monday to analyze the different financial models for Naya Pakistan Economic Zone alongside Islamabad Expressway. He emphasized the need to incentivize the real estate sector as it can attract investment from Pakistani diaspora.
The Adviser further directed to hold another meeting with all the relevant stakeholders in the current week for analyzing any financial plans prepared by NPHA for this project. Earlier, Chairman Naya Pakistan Housing Association retired Lt. Gen Ameer Ali Haider briefed the meeting on the overall details of the project. The meeting was informed that the project would be completed in three to four phases, starting from Faizabad and ending near Rawat.
FWO is working with NPHA on the feasibility of the project and the idea is to complete the first phase in a year’s time under the public private partnership mode.
Different financial models were looked into for the completion of the project in consultation with State Bank of Pakistan and FBR.
Meanwhile, the Asian Development Bank (ADB) has approved $10 billion loan for Pakistan during the next five years to support the country’s reform and development programs. According to details, the ADB has planned to provide 2.1 billion dollars fund to Pakistan for the current fiscal year 2019-20. The loan will be issued in installments spanning over 5 years for numbers of projects, said a press release issued by ADB.
The press release further adds that ADB is crafting a new country partnership with the incumbent government of Pakistan. The press release reads that the five-year country partnership program will continue till 2024. The aim of the loan is to introduce stability in Pakistan’s economy and state-institutions.
Pakistan will receive the first installment of USD 1 billion in few hours, said ADB Country Director Ms. Xiaohong Yang while addressing a function titled ‘Consultation Pakistan: Country Partnership Strategy 2020-2024’ here on Monday. She said that ADB always stands ready to assist Pakistan to achieve higher, sustained and inclusive growth.
Speaking on the occasion, Secretary Economic Affairs Division Noor Ahmed said new ADB-Pakistan partnership strategy should focus on coordinated and integrated efforts to address key development challenges and spur economic growth.