Govt greenlights key grants for security, defence and structural reforms

The Economic Coordination Committee (ECC) of the Cabinet met on Tuesday at the Finance Division under the chairmanship of Finance Minister Muhammad Aurangzeb to consider a range of summaries on national security, defence, food security, and petroleum sector reforms.

The ECC considered and approved a summary from the Defence Division, granting a Technical Supplementary Grant (TSG) of Rs50 billion for a range of approved projects of the Defence Services.

The committee also approved a TSG of Rs100.3 million on the request of the Ministry of Interior & Narcotics Control for the maintenance and repair of defence equipment utilised by the Federal Civil Armed Forces.

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On another summary submitted by the Ministry of Interior & Narcotics Control, the ECC approved an additional Rs841.56 million as TSG to support border control operations, internal security, and maintenance of law and order by the Federal Civil Armed Forces.

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 Rs1 million and reducing the authorised capital in line with requirements for the structured winding down of the organisation.

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 incentivising 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.