Hafeez Shaikh approves disaster support fund worth Rs17bn for stock exchange

KARACHI: Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance and Revenue on Friday met members of delegation of stock exchange and approved Rs17 billion amounting disaster support fund.
According to sources a meeting between stock members delegation consisting of Arif Habib, Aqeel Karim Dhedhi, Basheer Jan Muhammad, and Sulaiman Mehdi with the advisor. The meeting was ended on a positive note today.
Dr. Hafeez Shaikh approved initiation of “Disaster Support Fund” worth around Rs17 billion rupees which will be managed by NIT where MD NIT Adnan Afridi was called on immediate notice to discuss the execution of the fund.
The advisor also committed to expedite the Buy Back regulation amendments to support and hold destabilizing stock prices.
In regard to the current issue of Show Cause notices in relation to short selling, Finance Minister has requested SECP to expedite and clear the ambiguities between the authorities and brokers to bring investor class confidence in the market.
Besides this, another development states that the same delegation is scheduled to meet Governor State Bank of Pakistan today to discuss and resolve issues in relation to Monetary Policy and Exchange rate affecting the stock market and the economy.

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