ECC authorizes Govt to issue sovereign guarantee for investment in NIT’s Fund

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ECC authorizes Govt to issue sovereign guarantee for investment in NIT's Fund

ISLAMANAD: Economic Coordination Committee (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.
Meeting of ECC was held in Islamabad on Thursday with Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh in the chair.
Secretary, Ministry of National Food Security and Research 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 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.

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