Daily Times

Prime Minister Imran Khan on Friday, while expressing his satisfaction over the situation of economic stabilization in the country, stressed that the fruits of improvement in the economy should reach the common man at the earliest.

He said with the government’s strategy to tackle the Covid-19 situation hailed at international level, Pakistan’s economy is growing fast in the region, to which the economic team and their coordinated strategy deserved credit. The prime minister expressed views while presiding over a meeting held here to review the country’s economic situation. He lauded the economic team for their efforts regarding economic discipline and better debt management. He described the positive trends depicted in the country’s large scale manufacturing (LSM) sector as a good omen for the economy.

The meeting also discussed in detail the possible effects of the second wave of coronavirus on the country’s economy as well as the protection of poor segments of the society through Kefalat Programme. Federal ministers Makhdoom Shah Mahmood Qureshi, Makhdoom Khusro Bakhtiar, Hammad Azhar, Advisor on Finance Dr Abdul Hafeez Sheikh, Advisor on Institutional Reforms Dr Ishrat Hussain and Special Assistant to the PM Dr Waqar Masood were in attendance.

Separately, Prime Minister Imran Khan was told that Punjab and KP governments had received applications for approval of construction projects over 50 million square feet area which would generate an economic activity of around Rs 1,100 billion.

During the weekly meeting of National Coordination Committee on Housing, Construction and Development, Punjab chief secretary said that from across the province, they had received applications for construction projects over 44 million square feet of which approval for 20 million sq ft had already been granted. He said with the enhancement of construction activity, the consumption of all allied materials like cement, bricks and steel had also increased. Following the construction on 44 mln sq ft area, an economic activity worth Rs 1 trillion (Rs 1000 billion) would generate, he added.

Similarly, Khyber Pakhtunkhwa chief secretary said they had received requests for construction projects over six mln sq ft area which would beget economic activity of around Rs 100 billion.

The prime minister viewed that the acceleration of the construction activity would improve national economy besides providing employment opportunities to the people. He also directed the Punjab government to approve the received applications without any delay, following the prescribed rules. Besides, emphasizing the awareness on Naya Pakistan Housing Scheme, the prime minister instructed Pakistan Telecommunication and NEPRA to coordinate with the State Bank of Pakistan to resolve the issues confronting the construction industry.

State Bank Governor Raza Baqir told the meeting that the banks were fully facilitating the loaning process for construction of houses under Naya Pakistan Housing Scheme. Moreover, special desks had been set up at around half of the bank branches in each district across the country.

Prime Minister Imran Khan said the mega urban development projects of Ravi City, Lahore and Bundle Island, Karachi would bring in positive impact on the country’s economy and the lives of common man. The two mega projects, besides promoting the local industries, would also help create job opportunities in the country, he added.

The prime minister expressed these views while presiding over a meeting here of the working groups of Pakistan Island Development Authority (PIDA) and Ravi Urban Development Authority (RUDA). He said Pakistan’s coastal-line was not only appropriate for tourism and urban development of international standards, but also had the potential of creating numerous investment opportunities. He further said that the Ravi City project, besides reducing the pressure of urban population in the big city of Lahore, would introduce new dimensions of urban planning in the country.

During the meeting, which was attended by Sindh Governor Imran Ismail and Punjab Chief Secretary Jawad Rafiq Malik through video-link, the prime minister was briefed about the progress made so far on the two projects. The prime minister was told that the urban centers at Ravi City and Bundle Island would be constructed for the first time in the country’s history in line with the principles of a green city.

The Ravi Urban Development Authority chairman told the meeting that the survey of 18600 acres of land for the construction had been completed, which did not require any evacuation or dislocation of the local residents. He said Ravi City project, besides providing the residential facilities of international standards to the people, would prove to be a model in the region to follow due to the availability of basic amenities like sewerage, underground water tanks, safety and environmental protection.