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Pakistan approves 20-billion rupee fund to support stock market


Added 05-30-19 09:04:02am EST - “Pakistan on Thursday approved a 20-illion rupee ($134 million) fund to help boost its stock market after big losses over the past two years, the finance ministry said. Pakistan's stock market has been one of the world's worst performing…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Pakistan approves 20-billion rupee fund to support stock market”. Below is an excerpt from the article.

ISLAMABAD (Reuters) - Pakistan on Thursday approved a 20-illion rupee ($134 million) fund to help boost its stock market after big losses over the past two years, the finance ministry said.

Pakistan's stock market has been one of the world's worst performing over the past two years, with its benchmark 100-Share Index losing almost a third of its value since hitting an all-time high of 53,127 points in May 2017.

The market has been hammered because of political instability and a weakening economy that has seen growth slump amid a blow-out of the fiscal and current account deficits, leading to a provisional agreement with the International Monetary Fund for a $6 billion bailout last month.

The finance ministry said the Economic Coordination Committee (ECC) of the Cabinet, a top decision-making body headed by de facto finance minister Abdul Hafeez Shaikh, gave the green light for the fund.

"In order to stabilise the stock market of the country, the ECC approved the proposal ... to issue sovereign guarantee amounting to 20 billion rupees for investment in National Investment Trust (NIT)-State Enterprise Fund," the ministry said in a statement.

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