ECC clears big security grants, sets SPV to wind up Passco

The Economic Coordination Committee approved a package of allocations aimed at bolstering Pakistan’s security and administrative capacity, the finance ministry said. The measures include a Rs100.3 million technical supplementary grant for maintenance of equipment used by the Federal Civil Armed Forces and Rs841.56 million for border management, internal security and law-and-order needs.

In addition, the ECC sanctioned a Rs50 billion technical supplementary grant to advance approved Defence Services projects. Officials present at the meeting included federal ministers, special assistants, secretaries and representatives of relevant divisions.

The committee also endorsed creating a special purpose vehicle with Rs1 million in paid-up capital to support the winding up of the Pakistan Agricultural Storage and Services Corporation (Passco). Separately, it approved steps to encourage foreign participation in offshore oil and gas exploration, such as extending licences and allowing working-interest assignments.

The decisions form part of broader efforts to streamline spending, restructure legacy entities and attract investment in energy exploration, the ministry said.