Pakistan launches sovereign wealth fund
Pakistan is establishing a sovereign wealth fund, capitalising it with $8 billion in shares in state-owned enterprises.
The legislation establishing the Pakistan Sovereign Wealth Fund passed the lower house of parliament on July 31 and the upper house on August 2.
The government transferred its equity in seven companies to the new fund. Among these is Pakistan Petroleum and the National Bank of Pakistan. The latter is majority-owned by the State Bank of Pakistan (SBP), the central bank. The
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