October 5, 2023

Housing plan is not indefinitely on hold

Housing plan is not indefinitely on hold

KARACHI:The government has chosen to modify the MPMG scheme’s components in light of the altered macroeconomic environment, therefore it has not been totally abandoned.In the seventh instalment of the SBP Podcast series, Executive Director Development Finance Group (DFG) of the State Bank of Pakistan (SBP), Samar Hasnain, made the statement.

Hasnain emphasised that a committee made up of representatives from the SBP and the Finance Division had been established by the finance minister to examine and research the scheme’s components.After receiving government approval, the new form of the programme is anticipated to be completed and released by August 31 of this year.

He compared the mortgage finance rates in neighbouring nations and found that they were 10% whereas they were 20% in other developing nations like Malaysia and Indonesia. In industrialised nations, the ratio exceeded 100%.He remarked, however, that the ratio of mortgage financing to GDP in Pakistan was lower than 0.5%.

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