Islamabad: Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Abdul Hafeez Shaikh on Monday announced the government’s decision to offer special tax incentives to the construction sector, according to news source. He expressed his views on the matter during a press briefing held in the aftermath of the IMF mission’s visit to Pakistan during which the agency officials had lauded the economic reforms initiated by the government.
The adviser revealed that the government had decided to allocate PKR 300 billion to facilitate the provision of subsidised interest rates for the Naya Pakistan Housing Programme (NPHP) project. Further, this initiative will facilitate the construction of housing units with an estimated worth of PKR 300 billion and other ancillary sectors that are associated with this low-cost housing scheme.
The adviser also said that the IMF mission had endorsed government’s performance in achievement of key targets with big margins and recommended disbursement of USD 450 million. He associated this development with economic revival. He said that the government planned to provide an economic stimulus to selective sectors – including the construction industry – and pledged to surpass the 2.4% growth rate target set for the current fiscal year.
Earlier, Prime Minister (PM) Imran Khan had chaired a high-level meeting on the rehabilitation and development of the construction industry. He stated that the construction sector was vital to the economic growth of the nation. The PM also said that the growth of housing and construction sectors was his government’s top priority.
Moreover, the PM constituted a committee, under the leadership of Naya Pakistan Housing Programme (NPHP)’s chief executive, with directions to submit recommendations regarding taxes, bank loans and other problems faced by the construction industry.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
