The Economic Coordination Committee (ECC) on Tuesday approved grants pertaining to Pakistan’s security and defence.
A handout issued by the finance ministry said Finance Minister Muhammad Aurangzeb chaired a meeting of the ECC that was attended by federal ministers, special assistants to the prime minister, secretaries, and senior officials from relevant divisions.
It said the ECC approved “several strategic grants and reforms aimed at strengthening Pakistan’s security framework, defence capabilities, food security, and petroleum sector operations”.
According to the ministry’s statement, a technical supplementary grant of Rs100.3 million was approved for the maintenance of defence equipment used by the federal civil armed forces.
A technical supplementary grant of Rs841.56m was also approved for enhanced border management, internal security and law and order. Further, a technical supplementary grant of Rs50 billion was also approved for defence services projects.
The ECC also decided to establish a new special purpose vehicle, with initial paid-up capital of Rs1,000,000, to take forward the winding up of Pakistan Agriculture Storage and Services Corporation, along with “measures to incentivise foreign participation in offshore oil and gas exploration, including licence extensions and working interest assignments”.
