Islamabad: The Economic Coordination Committee (ECC) of the Cabinet has approved key agreements and directives concerning the energy and finance sectors, as well as measures for price monitoring. The decisions were made during a meeting chaired by Senator Muhammad Aurangzeb, focusing on the signing of a Sale Purchase Agreement (SPA) for petroleum products between Pakistan State Oil and SOCAR Azerbaijan, among other issues.
According to Ministry of Information and Broadcasting, the ECC has given its nod to the SPA, which aims to ensure the supply of petroleum products in collaboration with SOCAR Azerbaijan. This agreement is part of broader efforts to secure energy resources for Pakistan.
The committee also approved the Circular Debt Management Plan for the fiscal year 2024-25, presented by the Ministry of Energy (Power Division). The plan is designed to reduce liabilities in the power sector and improve financial sustainability, addressing ongoing challenges in the sector.
Furthermore, the Ministry of Information and Broadcasting’s request for a technical supplementary grant of 95.822 million rupees was discussed. This grant is intended to settle outstanding dues related to the 23rd Shanghai Cooperation Organization’s Council of Heads of Government meeting. The ECC instructed the Ministry to reallocate funds within its existing budget for the fiscal year 2024-25, with the Finance Division stepping in to provide supplementary funds if necessary.
In addition, the ECC considered the Ministry’s request for an additional 536.1 million rupees for digital initiatives. Similar to the previous request, the ECC directed the Ministry to manage the required funds from its current budget, with the option of additional funding contingent on future budget evaluations.
Addressing concerns over rising prices of essential commodities like pulses and chicken, the ECC urged the National Price Monitoring Committee to work with the Ministry of National Food Security and Research, as well as provincial administrations, to monitor and alleviate the situation, aiming to provide relief to consumers.