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Govt to Launch a $2 Billion Housing Project for Overseas Pakistanis in Islamabad

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by January 11, 2022 Press Release

The federal cabinet has approved a residential project worth $2 billion for the overseas Pakistanis to invest in real estate by making remittances through their Roshan Digital Accounts. The project will be executed at Park Road, Zone-4 of the federal capital, and will cover 6,000 housing units.

Prime Minister Imran Khan chaired the cabinet meeting on Tuesday.

Interior Minister Sheikh Rashid Ahmed briefed the cabinet on the tragic Murree incident. The cabinet members expressed condolences on the loss of lives in the incident and decided that a detailed inquiry would be conducted to strategize administrative re-organization of Murree administration and to control a risky influx of tourists in the future.

In view of the exponential rise in COVID-19 cases, the cabinet appealed to the general public to ensure using face masks, maintaining social distancing, and completing vaccination.

The cabinet instructed the Attorney General of Pakistan to vigorously pursue cases against former Prime Minister Nawaz Sharif and former Chief Minister Punjab Shehbaz Sharif in Lahore High Court.

The cabinet was informed that the Ministry of Science and Technology would provide Electronic Voting Machines (EVM) to the Election Commission of Pakistan for conducting Local Body Election in Islamabad to ensure transparency.

The cabinet approved the appointment of Asif Rasheed as Chairman Copyright Board of Intellectual Property Organization of Pakistan. It also approved the appointment of two Members from Punjab and one each from other provinces.

The cabinet accorded ex-post facto approval for acceptance of the Kingdom of Saudi Arabia award “Noot-ul-Tamreen” medals by 100 personnel of Pakistan Air Force.

The cabinet also okayed the registration of the existing Credit Guarantee Trust Fund under the ICT Trust Act, 2020, and approved the Securities and Exchange Commission of Pakistan (SECP) as a regulator of the fund. This approval has been granted to fulfill the requirements of the Anti Money Laundering Act, 2010.

The cabinet approved the Capital Development Authority (CDA) budget estimated for 2021-22. Meanwhile, Chairman CDA informed the cabinet members that CDA, during FY 2017-18, auctioned an area of 53,817 sq. yd and generated Rs. 12.9 billion, while in 2021, CDA auctioned a smaller area measuring 46,783 sq. yd but earned Rs. 31.1 billion. He said it was possible due to the effective policies of the present government.

The cabinet approved tariff rationalization for the power sector through quarterly adjustment for the 4th quarter of FY 2020-21. This adjustment is likely to provide relief to domestic consumers of electricity.

The cabinet approved the appointment of Dr. Liaqat Masih Qaiser as Minority Member at the National Commission for Minorities. It also approved the “Science, Technology and Innovation Policy-2021”. It okayed the appointment of Azam Jamil as Chairman Pakistan Tourism Development Corporation and National Tourism Coordination Board. It ratified the decisions made in the meeting of the Cabinet Committee on Institutional Reforms on 22 December 2021 wherein it was decided that the Ministry of Science and Technology would retain the National Institute of Electronics. It also ratified decisions made by Cabinet Committee on Privatization on 31 December 2021.

Miscellaneous Decisions

Revision of Capital Structure-Debt Recapitalization and Refinancing/Replacement of Excess Equity and Pakistan Development Fund Limited Loan through Commercial Borrowing of National Power Parks Management Company Limited.

Divestment of Government of Pakistan’s Shares in Mari Petroleum Co. Ltd. (MPCL).

Privatization of Guddu Power Plant and Nandipur Power Plant.

The cabinet ratified decisions made by Economic Coordination Committee in its meetings held on 31 December 2021 and 5 January 2022, including:

Finalization of Business Plan by National Highway Authority by June 2022

Sambrial Kharian Motorway Project (SKMP).

Allocation of Budget to the Newly Established Secretariat of the Council of Common Interests (CCI).

Gas Rate for Operation of Fatima Fertilizer (Sheikpura Plant) and Agritech.

Provision of Life-Saving Drugs worth Rs. 500 million to Afghan People.

Provision of Funds for Purchase of Equipment in Pakistan Institute of Medical Sciences-Federal Medical Teaching Institutes, 2021.

1.2 MGD Reverse Osmosis Desalination (ROD) Plant at Gwadar (Chinese Grant).

Release of Rs. 100 Billion to manage liquidity requirements of the Power Sector.

Source: Pro Pakistani

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