The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Mohammad Aurangzeb, approved supplementary grants for Pakistan’s federal civil armed forces and defense projects during its latest meeting.
The committee cleared Rs 10.03 crore for the repair and maintenance of defense equipment of the civil armed forces, along with an additional Rs 84.15 crore for operational and financial needs.
According to a statement issued by the Ministry of Finance, the ECC also approved a technical supplementary grant of Rs 50 billion for ongoing defense service projects. The committee endorsed the closure of PASCO and the establishment of a special institution in its place, with the Special Purpose Vehicle (SPV) receiving an initial paid-up capital of Rs 10 lakh.
The meeting further approved extensions of offshore oil and gas block licenses and working interests to encourage investment in the petroleum sector. New incentives for foreign investors were also approved to boost investment in Pakistan’s energy sector.
The Ministry of Finance clarified that the approved funds, under the technical supplementary grant, will be allocated to internal security, border control, and maintaining law and order across the country.
