Prime Minister Imran Khan as of today stated that Pakistan will have to alter itself if it expects to come across today’s defies.
He was talking at the groundbreaking event of the Naya Pakistan Apartments scheme in Lahore.
The prime minister showed gratitude to the courts for permitting the government to bring in action the foreclosure law, stating that as a result of it, the government could permit people to own homes on mortgage.
“Because of this [foreclosure law], banks can finance [loans for the people],” he said. “If this law is not there, banks would not finance loans,” he said, adding that in comparison to the developed countries, Pakistan did not have a arrangement of mortgage housing systems.
“This means that those who do not have cash in hand, they can never buy their own houses,” he said. Explaining the benefits of the mortgage agreement, he said people had to pay installments instead of rent and in the end, became owners of their own homes.
He said Pakistan will “have to transform itself” if it needed to meet challenges of the 21st century. He thanked the Lahore Development Authority and acknowledged the Punjab government for backing the authority in ensuring this scheme was launched for the low-income sector.
“The LDA has brought about a lot of improvements in itself,” he said.
