ECC okays Rs.20 bn sovereign guarantee to stabilize stock market

ISLAMABAD: In order to stabilize the stock market of the country, the Economic Coordination Committee (ECC) here on Thursday approved the proposal of Finance Division authorizing the government to issue sovereign guarantee amounting to Rs.20 bn for investment in National Investment Trust’s (NIT) State Enterprise Fund.

The ECC meeting was held in Islamabad today with Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Shaikh in the chair.

Ministry of National Food Security and Research secretary updated the committee about the wheat situation in the country. He informed that the country was in comfortable position with having 7.257 million tons of wheat available in the stock.

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Ministry of Maritime Affairs suggested various proposals on the revival and development of shipping industry in Pakistan. The committee noted the proposals and advised ministries of Petroleum and Maritime Affairs to jointly come up with a comprehensive proposal, in next ECC meeting, for introducing a dynamic shipping policy focusing on expansion and development of local shipping industry.

The ECC acceded to the proposal of Ministry of States, Frontier Regions to grant Rs.781,591,000 for arranging 20,000 metric tons of wheat for temporarily displaced persons of erstwhile FATA.

The ECC also approved supplementary and technical supplementary grants for various ministries and divisions.