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Government Plans New Housing Sector for Overseas Pakistanis in Islamabad

30/03/2017

Government Plans New Housing Sector for Overseas Pakistanis in Islamabad

Recently, Finance Minister Ishaq Dar chaired a high level meeting to review some of the issues currently being faced by Overseas Pakistanis and deliberated upon a proposal to initiate development of a housing sector for them in federal capital Islamabad. While discussing the exponential growth of real estate sector in Pakistan, the finance minister expressed full confidence that proposed sector for overseas Pakistanis would offer them an exhilarating opportunity of safe and secure investment besides providing them high quality residential facilities equipped with all modern and state of the art facilities and amenities.

The decision is taken to acknowledge the crucial role overseas Pakistanis play in the economic development of the country. Moreover, all the concerned officials have also emphasized and recognized time and again the role and function of overseas Pakistanis in the smooth functioning of country by increasing foreign exchange of Pakistan through remittances. And isn’t it true that without their hefty contribution in form of remittances, the country would have been facing financial crisis and backwardness.

Their remittances have become a major source of external inflow and pose special significance in the backdrop of sluggish exports and dwindling foreign aid besides discontinuation of IMF loan. However, it is pity that concerned officials in Pakistan pay no attention to the problems of them and their families back home while Pakistani missions abroad remain negligent to their plight in host countries. Pakistani embassies operate like kingdoms in foreign countries and do not bother to develop or maintain contacts with Pakistanis living in these countries.

And as per Foreign Minister' s direction about opening a residential sector for them, and it is a good proposition in given environment as real estate business is nowadays on boom in Pakistan. Therefore, overseas Pakistanis would definitely be interested in investing in safe and secure ventures back in their home country.

Not just Capital Development Authority (CDA) has a poor track record in developing new sectors in the federal capital but it has failed to deliver on promised housing projects. Some sectors that were opened decades back are still waiting for proper development while allottees have lost their hopes.

We hope that Finance Minister as well as Minister of State for CADD would ensure that the same would not be repeated in case of proposed new sectors especially the one dedicated for overseas Pakistanis.