The Economic Coordination Committee (ECC) has approved a grant of Rs7.7971 billion for Karachi’s major K-IV water supply project, while also taking several key decisions concerning the energy, wheat, petroleum and Reko Diq sectors.
According to a statement issued following the ECC meeting chaired by Finance Minister Muhammad Aurangzeb, the committee approved a wheat stock composition for the Pakistan Agricultural Storage and Services Corporation (PASSCO) comprising 85% locally produced wheat and 15% imported wheat.
The meeting also allowed PASSCO to release its stocks to the relevant recipient organisations to ensure the timely disposal of imported wheat.
According to the statement, the committee also approved the import of petroleum products through accounts maintained with foreign suppliers, as well as the import of petroleum products through customs-bonded storage facilities.
The ECC approved an agreement on cooperation between Pakistan and Oman in the energy sector and agreed to further promote cooperation between OQ Trading and Pakistan State Oil (PSO).
The meeting also approved the formation of a negotiating committee for the redevelopment of the Roosevelt Hotel. In addition, a government guarantee of $153.8 million was approved for an agreement between Pakistan International Airlines (PIA) and the National Bank of Pakistan (NBP).
Furthermore, the ECC approved a grant of Rs567 million for the Frontier Corps (FC) to provide security for the Reko Diq project.
