Prime Minister Imran Khan on Tuesday inaugurated a housing scheme for government employees under which as many as 28,000 residential units will be constructed.
“Housing ministry has done a splendid job by launching this scheme and most the housing units will be completed by 2022,” the premier said while addressing the inaugural ceremony of PHA Officers Residencia in Islamabad.
PM Imran said that the construction sector has the potential to boost the country’s economy and it stimulated the growth in at least 30 industries allied with this sector.
He said during the last two years the construction sector had witnessed a boom due to his government’s policies. However, he admitted that lately the sales of steel and cement had declined due to the “super commodity cycle” caused by a disruption in the supply chain.
“But despite this, the construction sector is booming,” he remarked.
In spite of the Covid-19 pandemic, the premier said, the wealth creation in Pakistan has witnessed rapid growth and the country gross domestic product (GDP) grew at 5.37 per cent during the last fiscal year.
While acknowledging that the salaried class has suffered the most due to hyperinflation in the country, he said disposable income of other sectors including corporate and agriculture have increased.
“The World Bank report has confirmed that poverty has reduced in the country because we did not shut construction industry during Covid lockdown and helped the country’s farmers,” he added.
PM Imran said his government’s subsidised scheme has facilitated the country’s salaried class to buy or build their own houses.
Quoting Bloomberg report, the premier said the country’s economy is on an upward trajectory and the economic condition will continue to improve, “Exports, remittances and tax collection are an all-time high.”