Pakistan, Oct. 8 -- The Economic Coordination Committee (ECC) has approved various funds and measures for businesses, farmers, development projects and other sectors. Finance Minister Muhammad Aurangzeb chaired the meeting on Thursday.

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The committee approved a State Bank mechanism to expand lending to small businesses and farmers. The mechanism will allow microfinance and other non-bank financial institutions to join existing government loan guarantee schemes.

The ECC also expanded the credit guarantee fund for low-income families seeking affordable housing loans. Meanwhile, it approved a Rs2 billion technical supplementary grant for SMEDA's approved business plan.

The committe...