ISLAMABAD, Oct 23: The government is introducing housing schemes to provide shelter to the homeless and to counter unemployment by generating economic activity in the country, Finance Minister Shaukat Aziz said here on Thursday.

He was speaking at an oath-taking ceremony of the newly- elected Traders Welfare Association of Aabpara Market at the Community Centre Islamabad. The minister also administered oath to 20 recently elected office-bearers of the association.

Under the government directions, banks are preparing schemes by evolving a formula for providing house building loans, the finance minister said. The construction sector, he said, was the major engine of growth, which not only generated commercial activity, but also created jobs to help stabilize the economy.

He said the loans for construction of houses would be extended to every section of the society, including government servants. However, the loans will be in proportion to the earnings of the applicants.