The Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, on Tuesday approved the release of PASSCO’s wheat stocks, comprising 85% locally procured wheat and 15% imported wheat, to eligible recipient institutions.
In a statement, the Finance Ministry said the cabinet body had granted the approval for PASSCO to ensure timely release of imported wheat. Additionally, it approved the import of petroleum products through customs-bonded storage on the accounts of foreign suppliers.
The committee further approved a Sale and Purchase Agreement to strengthen energy cooperation between Pakistan and Oman. Under this arrangement, energy-sector cooperation between OQ Trading and Pakistan State Oil (PSO) would be promoted.
The ECC also approved the formation of a negotiating committee for the redevelopment of the Roosevelt Hotel in New York. It further approved a $153.8 million sovereign guarantee for an agreement between Pakistan International Airlines (PIA) and the National Bank of Pakistan (NBP).
Further, a Rs. 7.7971 billion grant was approved for the Karachi-4 project, while a Rs. 567 million grant was given to the Frontier Corps for security arrangements for the Reko Diq project.