The Finance Division announced in a brief statement on Tuesday that the government’s low-cost housing finance programme Mera Pakistan Mera Ghar (MPMG) has been temporarily suspended owing to altered market conditions and for improved targeting.
According to the statement, the programme is now being redesigned by the Finance Division and State Bank of Pakistan (SBP), and it would be implemented within a week.
The Finance Division provided reassurance that the investments already made by the public through the programme will be safeguarded.
The recent statement made by the finance minister, Miftah Ismail, that the Mera Pakistan Mera Ghar programme is being revised gave the impression that the embargo on disbursements could soon be lifted.
From July 1 to August 31, 2022, banks were advised by the State Bank of Pakistan (SBP) to halt any additional programme disbursements.
In light of recent changes in the macroeconomic environment, the Pakistani government is thinking about reviewing or revising the subject scheme’s aspects. Therefore, from July 1 through August 31, 2022, banks, DFIs, and MFBs are instructed to halt further disbursements under the MPMG, according to a circular from the central bank.