May 17, 2019 (MLN): In a frantic attempt to avoid a market meltdown, the government of Pakistan has decided to launch a ‘Disaster Support Fund” worth Rs.15 to Rs.20 billion, work on which is reported to begin on Monday.
This fund will be operated under the National investment Trust (NIT), as informed by the sources.
Prime Minister’s advisor on Finance, Revenue and Economic Affairs Mr. Abdul Hafeez Sheikh met with a delegation of the Pakistan Stock Exchange (PSX) earlier today where he deliberated on measures to recover the downtrodden market.
Also present at the meeting were Mr. Arif Habib, Mr. Aqeel Karim Dhedhi, Mr. Basheer Jan Muhammad, and Mr. Sulaiman Mehdi. Sources have further revealed that this meeting was concluded on a positive note which is a much needed omen at present.
Looking back, a similar fund valued at Rs.20 billion was launched in 2008 as well. The investors had made decent returns on that fund and it was welcomed with a good response at the markets.
This acts as a flickering flame of hope in a dark stormy night, i.e. the present state of Pakistan’s equity market.
In addition to this, other matters of importance for the economy were also discussed.
Moreover, the same attendees are also scheduled to meet with the Governor of State Bank Dr. Reza Baqir at 4 pm today, to pour over the issues revolving around upcoming Monetary Policy, the ongoing Exchange Rate fiasco and their impact on the equity markets.
