ECC approves Rs50 billion grant for defence services projects

ISLAMABAD: The Economic Coordination Committee (ECC) on Tuesday approved several grants related to Pakistan’s security and defence.

According to a statement issued by the Ministry of Finance, Finance Minister Muhammad Aurangzeb chaired the ECC meeting, attended by federal ministers, the prime minister’s special assistants, secretaries, and senior officials from relevant departments.

The statement said the ECC approved multiple strategic grants and reforms aimed at strengthening Pakistan’s security framework, defence capabilities, food security, and operations in the petroleum sector.

Among the approvals, a technical supplementary grant of Rs100 million was allocated for the repair of defense equipment used by the federal civil armed forces.

Similarly, a technical supplementary grant of Rs840 million was approved for improvements in border management, internal security, and law and order.

Furthermore, a Rs50 billion technical supplementary grant was approved for defence services projects.

The ECC also decided to establish a new special purpose vehicle (SPV) to facilitate the winding-up process of the Pakistan Agriculture Storage and Services Corporation, with an initial paid-up capital of Rs1 million

In addition, the ECC approved measures to encourage foreign participation in offshore oil and gas exploration, including license extensions and the allotment of working interests.