ISLAMABAD, Aug 19: Prime Minister Shaukat Aziz on Friday said the government has decided to replace badla finance with continuous fund supply (CFS) to ensure stability in the stock exchanges.

Talking to members of stock exchanges at Prime Minister’s House, he said, the government wanted to bring more reforms in stock market.

The prime minister explaining the achievements of the economic policies said last year was good for country and expressed the hope that the government would maintain growth in the current fiscal year.

He said the government had created investment-friendly atmosphere in the country and expressed the hope that more investors would come in the current year.

Referring to the improvement in the economic sector particularly good economic indicators, the Prime Minister said betterment of middle class people showed consumers confidence had increased in the government.

The Prime Minister said the government wanted that the stock market should grow in an orderly manner through a transparent system. He said the reforms process would continue so that it would improve the functioning of stock markets to improve the confidence of investors and provide security to the investment.

He said increase in the number of companies in the stock exchanges indicated the confidence of the investors in the government policies.

The Prime Minister said all the economic indicators are moving in right direction and expressed the hope that after implementation on reforms, the stock exchanges would improve their activities.

Shaukat Aziz assured the members of the stock exchanges to resolve their problems so that they could concentrate on their business and bring more local and foreign investment.

The Prime Minister said the government wanted to make Pakistan a “business hub” so that local and international business community could take full advantage from the business friendly policies of the government.

He said the government would launch “Eurobond” very soon and urged the members of the stock exchanges of the country to play their due role in bringing investment for these bonds.

The Prime Minister said the process of privatization had also been going on and added the organizations like Pakistan State Oil, Pakistan Petroleum Limited and Pakistan Steel Mill are on line for privatization.

The Chairman Karachi Stock Exchange Yasin Lakhani appreciating the keen interest taken by Prime Minister in resolving the problems of the stock exchanges said the members of the stock exchanges discussed their problems frankly with the Prime Minister.

He said the investors would continue their support and cooperation to the government for improving the business in the stock market.

He expressed the hope that replacement of badla finance with “continuous fund supply” would improve the working of the stock market.

Talking to APP after the meeting, the chairman, Securities and Exchange Commission of Pakistan Dr Tariq Hassan said that the SECP would provide full cooperation and assistance in implementing the decisions taken during the meeting of Prime Minister Shaukat Aziz with the members of the stock exchanges of the country.

The chairman SECP said the commission is committed to implementing the decisions and he would personally ensure that each of its aspects is implemented in both letter and spirit.

He said he would work with each of the member of the stock exchanges to take the agreed mission forward with the continued support of the Prime Minister.

Referring to replacement of badla financing with continuous fund supply, the Chairman SECP said the CFS would be a success in the investment horizon of the country.

Thanking the Prime Minister for accepting the demands of the stock exchanges, the Chairman SECP said now the investors in the stock markets should follow the common objectives of making Pakistan a strong and internationally respected economy.

He urged the investors to keep unbreakable bond between the regulator and the regulated which flourishes only in an atmosphere of peaceful co-existence.

He said fairness, transparency and openness of the institutional market should be ensured to promote the market.—APP