ECC gives approval for issuing Rs20bn Sovereign Guarantee for Investment in NIT

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Thursday approved the proposal of Finance Division, authorizing the government to issue sovereign guarantee amounting to Rs20 billion for investment in National Investment Trust (NIT)-State Enterprise Fund.

The step has been taken to stabilize the stock market of the country, said a press statement issued by the Finance Minister after ECC meeting which was chaired by Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh.

Meanwhile, 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 7.257 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 and 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/Divisions.