SBP Asks Banks to Expedite Financing for Mera Pakistan Mera Ghar Scheme

The State Bank of Pakistan (SBP) has asked all banks to expedite the disbursement of approved cases under the Mera Pakistan Mera Ghar (MPMG) housing finance scheme. Announcing the decision, the SBP tweeted on Tuesday that it would “closely monitor all such cases & applicants finding any difficulty may lodge complaints at servicedesk.sbp.org.pk.” The Ministry of Finance had given the go-ahead to resume disbursements to already approved cases under MPMG on July 25 in a tweet, stating, “Finance Division has today conveyed its permission to resume disbursements to already approved cases under Mera Pakistan Mera Ghar Scheme( MPMG). Banks have also been asked to reduce their spread over KIBOR.” Prior to this, the SBP had instructed banks to put further disbursements under MPMG on hold. The central bank said that in those cases where partial disbursements have already been made till June 30, 2022, banks/Development Finance Institutions (DFIs)/Microfinance Banks (MFBs) may release the remaining disbursement under MPMG. The MPMG scheme was put on hold last month as the government of Pakistan was considering revising the features of the scheme. The circular released by the central bank stated, “Government of Pakistan is considering to review/revise features of subject Scheme in light of recent developments in macroeconomic scenario. Accordingly, banks/DFIs/MFBs are advised to put further disbursements under MPMG on hold from July 01, 2022, till August 31, 2022.”