ISLAMABAD (special crosspondent) – The Economic Coordination Committee (ECC) of the Cabinet convened today at the Finance Division, presided over by the Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The committee deliberated upon a comprehensive nine-point agenda concerning various federal ministries and divisions.

Approval of Wheat Stock Distribution

The ECC formally approved a proposal submitted by the National Food Security and Research Division regarding the distribution of PASSCO wheat stocks. Under the new arrangement, recipient agencies will receive 85% local wheat and 15% imported wheat. This decision, backed by the Board of Directors of PASSCO, is aimed at ensuring the efficient and timely disposal of the national imported wheat reserves.

Energy Security and Petroleum Infrastructure

In a move to fortify the nation’s energy infrastructure, the ECC approved a Petroleum Division summary authorizing the import of petroleum products on foreign suppliers’ accounts through Customs bonded storage facilities. This initiative aligns with broader efforts to enhance the integrated development strategy for critical national energy assets. Furthermore, the committee approved a Sale Purchase Agreement (SPA) between OQ Trading and Pakistan State Oil (PSO), originating from an Inter-Governmental Agreement (IGA) between Pakistan and the Sultanate of Oman, to bolster energy cooperation.

Strategic Projects and Financial Approvals

Regarding infrastructure and state-owned enterprises, the ECC authorized the formation of a negotiation committee tasked with the redevelopment of the Roosevelt Hotel in coordination with the relevant union. Additionally, the committee sanctioned a Government of Pakistan (GoP) guarantee amounting to USD 153.855 million, following a term sheet agreement between PIAIL and the National Bank of Pakistan (NBP).

Grant Allocations for National Development

The ECC approved a Technical Supplementary Grant of Rs. 7,797.160 million for the Greater Karachi Bulk Water Supply Scheme, also known as the K-IV Project. These funds were remitted by the Government of Sindh via the Federal Consolidated Fund. Finally, the committee cleared a Technical Supplementary Grant of Rs. 567.032 million for the Frontier Corps Balochistan (South) to ensure the security of critical national economic activities, specifically regarding the Reko Diq project.