Islamabad (Web Desk): Islamabad: The Economic Coordination Committee (ECC) has approved a technical supplementary grant of Rs 50 billion for multiple sanctioned projects of the Defence Services, following a summary submitted by the Defence Division.
The decisions were made during an ECC meeting chaired by Finance Minister Muhammad Aurangzeb at Finance Division, Islamabad on Tuesday.
According to a statement issued by the Ministry of Finance, the ECC deliberations on a wide range of matters, including national security, defence requirements, food sector reforms, and developments in the petroleum industry.
The committee approved a Technical Supplementary Grant of Rs 100.3 million for the Ministry of Interior & Narcotics Control to cover the upkeep and repair of defence equipment used by the Federal Civil Armed Forces.
Responding to another proposal from the Interior Ministry, the ECC also cleared an additional Rs 841.56 million in funding to strengthen border management, bolster internal security arrangements, and support law-and-order duties performed by the Civil Armed Forces.
The Committee further endorsed a summary presented by the Defence Division, approving a substantial Rs50 billion supplementary grant to advance various sanctioned projects of the Defence Services.
The meeting also reviewed a proposal from the Ministry of National Food Security & Research regarding the closure of PASSCO and the formation of a Special Purpose Vehicle to oversee the transition.
The ECC agreed to establish the SPV with an initial paid-up capital of Rs 1,000,000 and approved trimming the authorized capital to facilitate an orderly winding down of the organization.
A summary from the Petroleum Division concerning the extension of licence terms and reallocating working interest in offshore oil and gas exploration blocks was also discussed.
The ECC endorsed the recommendations aimed at encouraging greater foreign investment and involvement in exploration activities.
The meeting was attended by Petroleum Minister Ali Pervaiz Malik, Planning Minister Ahsan Iqbal, Special Assistant to the Prime Minister Haroon Akhtar Khan, as well as senior officials and federal secretaries from the relevant ministries, divisions, and regulatory bodies.