Islamabad: The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Senator Muhammad Aurangzeb, convened to deliberate on nine significant agenda items from various ministries and divisions. The meeting resulted in approvals for proposals concerning wheat stock distribution, petroleum product imports, and infrastructure projects.

According to Press Information Department, the ECC approved a proposal from the National Food Security and Research Division to distribute Pakistan Agricultural Storage and Services Corporation’s (PASSCO) wheat stocks. The decision allows for a mix of 85% local and 15% imported wheat, aiming to effectively manage the disposal of imported stock.

The ECC also sanctioned the Petroleum Division’s proposal to import petroleum products via foreign suppliers using Customs bonded storage facilities. This initiative is part of a broader strategy to enhance the country’s energy security and ensure a stable petroleum supply chain.

In addition, the ECC approved a Sale Purchase Agreement between the Government of Pakistan and the Sultanate of Oman. This agreement is expected to foster cooperation between OQ Trading and Pakistan State Oil (PSO) in the energy sector.

Further decisions included the establishment of a committee to facilitate the redevelopment of the Roosevelt Hotel, a project coordinated with the union. The committee also approved a government guarantee of USD 153.855 million for Pakistan International Airlines Investment Limited (PIAIL) with the National Bank of Pakistan (NBP).

Moreover, the ECC endorsed a Technical Supplementary Grant of Rs. 7797.160 million for the Greater Karachi Bulk Water Supply Scheme (K-IV Project), with funds provided through the Federal Consolidated Fund by the Government of Sindh. A separate grant of Rs. 567.032 million was approved for the Interior and Narcotics Control Division to support security for the RekoDiq project activities, financed from savings by the Finance Division.