ECC sanctions grants to boost defence, border management

The Economic Coordination Committee (ECC) on Tuesday sanctioned key grants and reforms to bolster Pakistan's defence and national security, the Finance Ministry confirmed.

The committee's session, chaired by Finance Minister Senator Muhammad Aurangzeb, also okayed food security and petroleum sector operations, according to the press release issued by the ministry.

The committee sanctioned a technical supplementary grant (TSG) of Rs100.3 million for the maintenance of defence equipment used by the Federal Civil Armed Forces and another Rs841.56 million for enhanced border management, internal security, and law and order.

It also approved a Rs50 billion TSG for Defence Services projects already cleared by the competent forums.

The economic committee of the federal cabinet further endorsed the establishment of a new SPV with an initial paid-up capital of Rs1,000,000 to advance the winding up of the Pakistan Agricultural Storage and Services Corporation Ltd (Passco).

It also approved measures to incentivise foreign participation in offshore oil and gas exploration, including licence extensions and working interest assignments.

Federal ministers, special assistants to the prime minister, secretaries, and senior officials from relevant divisions attended the meeting.