Key points
- Pakistan’s apex economic body approved over Rs 50 billion for defence and internal security projects.
- Structural reforms include the winding down of state grain agency PASSCO and creation of a Special Purpose Vehicle (SPV).
- Petroleum sector measures aim to attract foreign investment in offshore exploration.
ISLAMABAD: Pakistan’s Economic Coordination Committee (ECC), the country’s apex economic decision-making body, approved a series of grants and reforms to strengthen national defence, internal security, and public sector governance.
The meeting, chaired by Finance Minister Senator Muhammad Aurangzeb, focused on strategic funding and structural measures to enhance operational efficiency across key sectors.
The committee approved Rs 50 billion for a range of pre-approved Defence Services projects and additional allocations to the Federal Civil Armed Forces to cover equipment maintenance, border security, and internal law enforcement operations.
Structural reforms include the winding down of PASSCO (Pakistan Agricultural Storage and Services Corporation). Pakistan’s state-run grain agency, and the creation of a Special Purpose Vehicle (SPV) with an initial paid-up capital of Rs 1 million to manage the transition efficiently. In the energy sector, the ECC approved existing license extensions and the assignment of working interests for offshore oil and gas exploration blocks, aiming to incentivise foreign investment and boost domestic energy exploration.
The Economic Coordination Committee serves as Pakistan’s top financial authority for approving strategic spending and reforms. Analysts say these moves reflect Islamabad’s dual focus on strengthening defence and internal security while promoting institutional efficiency and attracting foreign investment amid regional and economic challenges.
