Islamabad: Pakistan’s Economic Coordination Committee (ECC) of the Cabinet approved multiple supplementary grants for Defense Services in order to support the repair of defensive equipment, strengthen civil armed forces and fund major security and defense service projects.
ECC Clears Funding for Civil Armed Forces
Chaired by Finance Minister Aurangzeb, the ECC approved 100.3 million rupees for the repair and maintenance of federal civil armed forces’ defensive equipment. In addition, the committee approved 841.56 million rupees in further financial support for the civil armed forces.
Major Allocation for Defense Services Projects
According to the Ministry of Finance, the ECC also approved a technical supplementary grant of 50 billion rupees for various defense services projects. The ministry said it will use the funds to enhance internal security, strengthen border control, and improve overall law and order.
PASCO Closure and New Entity Approved
Moreover, the committee endorsed the closure of the Pakistan Agricultural Storage and Services Corporation (PASCO) and approved the establishment of a special institution to replace it. Additionally, it set the initial paid-up capital for the Special Purpose Vehicle (SPV) at 1 million rupees.
Offshore Oil and Gas Licenses Extended
In another decision, the ECC approved the extension of license periods for offshore oil and gas blocks and endorsed working interest proposals submitted under the Petroleum Division’s summary.
Incentives for Foreign Investment
To boost foreign investment, the committee approved new incentive proposals. The Ministry of Finance noted that all approved funds are categorized as technical supplementary grants and will contribute to security enhancement measures.
These decisions emphasize the government’s focus on strengthening national security infrastructure and attracting international investment in strategic sectors.
