Govt approves new plans for low-cost housing

Federal Finance Minister Muhammad Aurangzeb has approved a scheme to build affordable houses.

This step is part of the government’s plan to promote the construction of five million affordable houses across the country. The Finance Minister also instructed the Ministry of Housing to create a complete and organized database to support the housing initiative and ensure proper implementation. Under the scheme, it has been proposed to offer long-term housing loans ranging from 20 to 35 million rupees, with a repayment period of up to 20 years.

In the same meeting, the ECC reviewed the rising prices of ghee and cooking oil in local markets. Members expressed concern that despite the decrease in global rates, local consumers were not receiving full price relief. The committee called for measures to ensure that price drops are passed on to the public. The ECC also approved a key decision to grant formal industry status to the shipbreaking recycling sector. This move is expected to attract investment, create job opportunities, and promote sustainable recycling practices within Pakistan.

The decisions taken during the meeting reflect the government’s focus on economic development, affordable housing, and consumer protection. Officials hope these efforts will support low-income families, stabilize prices, and boost industrial activity in various sectors.