ECC approves Rs20b sovereign guarantee to stabilize stock market

ISLAMABAD (92 News) – The Economic Coordination Committee (ECC) has made authorized to the government to issue sovereign guarantee worth 20 billion rupees to stabilize the stock market. The meeting of ECC was held under the chair of Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh in Islamabad on Thursday. The ECC has approved the proposal of Finance Division authorizing the government to issue sovereign guarantee worth 20 billion rupees for investment in National Investment Trust's State Enterprise Fund to stabilize the stock market. The 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 7.25 million tons of wheat available in the stock. Ministry of Maritime Affairs suggested various proposals on the revival and development of shipping industry in Pakistan. The committee noted the proposals and advised the 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 781.5 million rupees 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. The ECC also approved additional supply of 150 MW of power through National Grid to K-Electric to address power shortage in Karachi.