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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet met on Monday at the Finance Division under the chairmanship of Finance and Revenue Minister Senator Muhammad Aurangzeb, taking up nine agenda items spanning food security, energy, defence and water resources.
Wheat Stock Distribution
The committee approved a summary from the National Food Security and Research Division allowing the Pakistan Agricultural Storage and Services Corporation (PASSCO) to supply wheat stocks to all recipient agencies at a mix of 85 percent locally procured and 15 percent imported wheat. The move follows a recommendation from PASSCO’s Board of Directors aimed at ensuring the timely disposal of imported wheat stocks.
Petroleum Import Facility
The ECC also cleared a Petroleum Division proposal permitting the import of petroleum products on foreign suppliers’ accounts through Customs bonded storage facilities. Officials said the step is intended to strengthen the country’s energy security framework by advancing indigenisation, building strategic petroleum reserves, and expanding Customs bonded storage to create a more resilient oil and gas supply chain.
Pakistan-Oman Energy Cooperation
A Sale Purchase Agreement (SPA) between OQ Trading and Pakistan State Oil (PSO) was approved, in line with the Inter-Governmental Agreement signed earlier between Pakistan and the Sultanate of Oman. The SPA is meant to deepen energy-sector cooperation between the two companies.
Roosevelt Hotel Redevelopment
On a summary moved by the Defence Division, the ECC approved the formation of a committee to negotiate a settlement — in coordination with the relevant union — that would pave the way for redevelopment of the Roosevelt Hotel.
Government Guarantee for PIAIL-NBP Term Sheet
The committee also approved a Government of Pakistan guarantee worth USD 153.855 million (PKR equivalent), based on a term sheet agreed between Pakistan International Airlines Investment Limited (PIAIL) and National Bank of Pakistan (NBP).
K-IV Project Funding
A Technical Supplementary Grant of Rs. 7,797.160 million, proposed by the Water Resources Division, was approved for the Greater Karachi Bulk Water Supply Scheme (K-IV Project). The funds were remitted by the Government of Sindh from the Provincial Consolidated Fund through the Federal Consolidated Fund.
Security Funding for Reko Diq Project
The ECC further approved a Technical Supplementary Grant of Rs. 567.032 million, submitted by the Interior and Narcotics Control Division, to be drawn from Finance Division savings and allocated to Frontier Corps Balochistan (South) to ensure security for Reko Diq project activities.
