The Economic Coordination Committee (ECC) of the Cabinet considered nine agenda items concerning different ministries and government divisions during a meeting held at the Finance Division and chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb. The forum approved a series of proposals covering wheat stock disposal, petroleum imports, energy cooperation, redevelopment of the Roosevelt Hotel, government guarantees, water infrastructure and security arrangements for the Reko Diq project. The decisions are aimed at addressing immediate administrative and economic requirements while supporting food supply management, energy security, infrastructure development and ongoing strategic projects.
The ECC approved a summary submitted by the National Food Security and Research Division concerning the provision of PASSCO’s wheat stocks to recipient agencies. Under the approved arrangement, the wheat supplied to the agencies will comprise 85 percent local wheat and 15 percent imported wheat. The proposal was based on a recommendation of the PASSCO Board of Directors and is intended to facilitate the timely disposal of imported wheat stocks. The decision provides a mechanism for managing available government held wheat inventories while ensuring that recipient agencies receive supplies according to the approved composition.
The committee also approved a proposal from the Petroleum Division allowing petroleum products to be imported on the account of foreign suppliers through Customs bonded storage facilities. The measure is intended to strengthen key elements of Pakistan’s energy security framework by supporting the use of bonded storage arrangements for petroleum supplies. The government said the initiative is linked with broader objectives involving indigenization, development of strategic petroleum reserves and expansion of Customs bonded storage facilities, which are considered important for creating a more resilient and sustainable petroleum supply chain.
Under the approved arrangement, the use of Customs bonded storage facilities can provide greater flexibility in the handling of imported petroleum products while allowing foreign suppliers to maintain stocks under the applicable Customs framework. The Petroleum Division’s proposal forms part of efforts to strengthen supply chain arrangements in the oil and gas sector and improve the country’s ability to manage petroleum requirements. The emphasis on strategic reserves and storage infrastructure also reflects the importance of maintaining adequate supply capacity during periods of market disruption or changes in international energy conditions.
The ECC also approved another summary submitted by the Petroleum Division concerning a Sale Purchase Agreement between OQ Trading and Pakistan State Oil (PSO). The agreement is being pursued in accordance with the Inter-Governmental Agreement previously signed between the Government of Pakistan and the Sultanate of Oman. The Sale Purchase Agreement is intended to promote cooperation between OQ Trading and PSO in the energy sector, creating a framework for collaboration between the two companies under the previously established government to government arrangement.
The meeting also considered a proposal from the Defence Division concerning the redevelopment of the Roosevelt Hotel. The ECC approved the constitution of a committee tasked with negotiating a settlement that would enable redevelopment of the hotel in coordination with the union. The decision establishes a mechanism for discussions aimed at addressing matters related to the redevelopment process and coordinating the relevant stakeholders.
Another proposal approved by the committee involved a government guarantee of $153.855 million, equivalent to the applicable amount in Pakistani rupees. The guarantee was submitted by the Defence Division and is based on a term sheet agreed between PIA Investment Management Company Limited (PIAIL) and National Bank of Pakistan (NBP). The approval provides the government backed financial support required under the agreed arrangement between the two entities.
The ECC also approved a Technical Supplementary Grant of Rs7,797.160 million submitted by the Water Resources Division for the Greater Karachi Bulk Water Supply Scheme, commonly known as the K-IV Project. According to the approved proposal, the amount was remitted by the Government of Sindh from the Provincial Consolidated Fund through the Federal Consolidated Fund. The grant is intended to support requirements associated with the major bulk water supply project for Karachi, which is being developed to strengthen water supply infrastructure for the city.
A further Technical Supplementary Grant of Rs567.032 million was approved for the Interior and Narcotics Control Division. The amount will be drawn from savings of the Finance Division and allocated to Frontier Corps Balochistan (South). The funding is intended to support security requirements associated with activities related to the Reko Diq project and ensure that security arrangements for project operations continue smoothly.
The ECC’s latest decisions cover a wide range of economic and administrative matters, from food stock management and petroleum supply arrangements to infrastructure financing and security for major projects. The approval of the PASSCO wheat proposal addresses the disposal of imported stocks, while the petroleum related measures seek to strengthen storage and supply arrangements and expand cooperation in the energy sector. At the same time, the decisions concerning the Roosevelt Hotel, K-IV Project and Reko Diq reflect the government’s ongoing efforts to address financial, infrastructure and security requirements associated with major national projects.
The nine agenda items considered by the committee demonstrate the breadth of issues being handled through the ECC as the government manages fiscal resources, strategic supplies and project related requirements. The approved measures include both immediate operational decisions and longer term arrangements intended to support energy security, infrastructure development and economic activity. The committee’s decisions will now move into the relevant implementation stages under the concerned ministries and divisions.
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