The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved Rs. 841.56 million as a technical supplementary grant to support border control operations, internal security, and maintenance of law and order by the federal civil armed forces.
Chaired by Finance Minister Muhammad Aurangzeb, the ECC considered several summaries pertaining to national security, defense, food security, and petroleum sector reforms.
It approved a technical supplementary grant (TSG) of Rs. 100.3 million on the request of the Ministry of Interior and Narcotics Control for the maintenance and repair of defense equipment utilized by the federal civil armed forces. It also approved an additional Rs. 50 billion, on a summary of the Defense Division, for a range of approved projects of the Defense Services.
After deliberating on a summary presented by the Ministry of National Food Security and Research regarding dissolving PASSCO and establishing a Special Purpose Vehicle, the ECC approved the SPV’s formation, 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 license 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.
Federal ministers, special assistants to the prime minister, secretaries, and senior officials from relevant divisions attended the meeting.