Finance Ministry Approves PKR 50 Billion Grant for Defense Projects
ISLAMABAD: Under the chairmanship of Finance Minister Senator Muhammad Aurangzeb, the **Economic Coordination Committee (ECC)** approved a **PKR 50 billion technical supplementary grant** for approved defense sector projects.
The meeting also sanctioned **PKR 1.03 billion** for the repair and maintenance of defense equipment for federal civil armed forces. Additionally, **PKR 841.56 million** was approved as an extra grant for border control, internal security, and maintaining law and order.
The ECC approved the **dissolution of PASCO** and the establishment of a new **Special Purpose Vehicle (SPV)** with an initial paid-up capital of PKR 1 million. Extensions for offshore oil and gas block licenses and the transfer of working interests were also approved.
Measures to increase the participation of foreign companies in the petroleum sector were greenlit. The meeting was attended by **Petroleum Minister Ali Pervaiz Malik, Planning Minister Ahsan Iqbal**, and other senior officials.
