ECC issues sovereign guarantee Rs.20B for investment in National Investment Trust

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ISLAMABAD (our correspondent):- The Economic Coordination Committee (ECC) has issued sovereign guarantee of Rs.20 billion for investment in National Investment Trust today.

The ECC met under the chairmanship of Advisor on Finance Abdul Hafeez Sheikh here in Islamabad today.

The ECC issued sovereign guarantee of Rs.20 billion for investment in National Investment Trust (NIT)-State Enterprise Fund. The meeting took this decision to stabilize the stock market of the country. The Finance Ministry has proposed the summary in this regard

Secretary Ministry of National Food Security updated the Committee about the wheat situation in the country. He also informed that the country has enough wheat stock to meet the requirement. The country has also 7.257 million tons of wheat available in the stock right now. The Secretary also ensured to the committee that there is no threat of any shortage of wheat during next year.

Ministry of Maritime Affairs suggested various proposals on the revival and development of shipping industry in Pakistan.

The Committee also 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 also approved the proposal of Ministry of SAFRAN to grant Rs.781 mln for arranging 20,000 Metric Tons of wheat. The UN World Food Program will distribute the 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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