Recently, the Finance Minister, Miftah Ismail, said that the Mera Pakistan Mera Ghar (MPMG) scheme is put on hold because it is being reshaped, hinting that the restrictions placed on the disbursements might be lifted soon. It has now also been confirmed by the Finance Division that Mera Pakistan Mera Ghar Scheme has been put on hold temporarily due to changed market conditions and for better targeting.
Investments Made Under Mera Pakistan Mera Ghar Scheme are Safe
Finance Minister Miftah Ismail assured the people that the Investments they made under the MPMG scheme are safe he mentioned that the government is reshaping the scheme and it will be resumed by the next week. He wrote; “Many people are writing to me that their loans were approved in the Mera Ghar scheme and that they have spent money based on that approval. I want to assure you that we are reshaping this scheme and no one will lose their money. We will resolve the issues within the next week.”
Many people are writing to me that their loans were approved in the Mera Ghar scheme and that they have spent money based on that approval. I want to assure you that we are reshaping this scheme and no-one will lose their money. We will resolve the issues within the next week.
— Miftah Ismail (@MiftahIsmail) July 16, 2022
It is pertinent to mention here that the State bank of Pakistan has put the scheme on hold citing the economic issues being faced by the country. The central bank said in a circular; “Government of Pakistan is considering to review/revise features of subject Scheme in light of recent developments in the macroeconomic scenario. Accordingly, banks/DFIs/MFBs are advised to put further disbursements under MPMG on hold from July 01, 2022, till August 31, 2022.”
The Success of the MPMG Scheme
The MPMG scheme enables banks to provide financing for the construction and purchase of houses at very low financing rates for low to middle-income segments of society. Its success can be seen via the data released by SBP for the month of April. The banks have received applications for housing finance amounting to Rs409 billion, till 11th April 2022, which was merely Rs57 billion a year ago, reflecting a more than seven-time increase.