ECC approves key grants for security, defence projects, structural reforms

Islamabad (APP): The Economic Coordination Committee (ECC) of the Cabinet met today at the Finance Division under the chairmanship of Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, to consider a range of summaries pertaining to national security, defence, food security, and petroleum sector reforms.

 

The ECC approved a Technical Supplementary Grant (TSG) of Rs 100.3 million on the request of the Ministry of Interior & Narcotics Control for the maintenance and repair of defence equipment utilized by the Federal Civil Armed Forces,said a release issued by the Ministry of Finance here on Tuesday.

 

On another summary submitted by the Ministry of Interior & Narcotics Control, the Committee approved an additional Rs 841.56 million as TSG to support border control operations, internal security, and maintenance of law and order by the Federal Civil Armed Forces.

 

The Committee further considered and approved a summary from the Defence Division, granting a TSG of Rs 50 billion for a range of approved projects of the Defence Services.

 

The ECC also deliberated upon a summary presented by the Ministry of National Food Security & Research regarding the winding up of PASSCO and the establishment of a Special Purpose Vehicle (SPV). The Committee approved the formation of the SPV, allowing an initial paid-up capital of Rs 1,000,000 and reducing the authorized capital in line with requirements for the structured winding down of the organization.

 

In addition, the ECC discussed a summary submitted by the Petroleum Division concerning the extension of licence periods and assignment of working interest for offshore oil and gas exploration blocks.

 

The Committee approved the set of proposals aimed at incentivizing and facilitating greater participation of foreign companies in Pakistan’s petroleum exploration sector.

 

The meeting was attended by Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for Planning & Development Ahsan Iqbal, Special Assistant to the Prime Minister Haroon Akhtar Khan, along with federal secretaries and senior officials from the concerned ministries, divisions, and regulatory bodies.