Islamabad: The federal government has approved funds worth PKR 20 billion in a bid to stabilise the Pakistan Stock Exchange (PSX), a news source reported.
Adviser to the Prime Minister (PM) on Finance Dr Abdul Hafeez Sheikh took a decision to this effect during a meeting of the Economic Coordination Committee (ECC).
Previously, the Finance Division had requested the ECC to issue funds amounting to PKR 20 billion for making investments in the state-run National Investment Trust (NIT).
Last week, the finance adviser had assured stockbrokers at the Pakistan Stock Exchange (PSX) that the government would provide financial support to the capital market.
Finance Ministry spokesperson Dr Khaqan Najeeb said that the government would issue a sovereign guarantee to a consortium of banks for lending PKR 20 billion to NIT for investment in the capital market.
