Finance and Revenue, Senator Muhammad Aurangzeb Chairs ECC Meeting
Published August 24, 2026 | 08:46 PM
The Economic Coordination Committee (ECC) of the Cabinet on Monday approved a summary regarding the provision of Pakistan Agriculture Storage and Services Corporation's (PASSCO) wheat stocks to all recipient agencies at a rate of 85% local and 15% imported wheat.
ECC Meeting Details:
The ECC met under the chair of Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and addressed nine agenda items related to various ministries and divisions. A press release from the Ministry of Finance provided these details.
Wheat Stock Summary:
The summary on wheat stocks was submitted by the Ministry of National Food Security and Research. It was based on a recommendation from the Board of Directors of PASSCO to ensure the timely disposal of imported wheat.
Petroleum Products Import:
The ECC also approved a summary from the Petroleum Division allowing the import of petroleum products on foreign suppliers' accounts through customs bonded storage facilities. The proposal aimed to strengthen Pakistan’s energy security in the oil and gas sector, focusing on:
- Indigenization
- Development of strategic petroleum reserves
- Promotion of Customs bonded storage facilities
Inter-Governmental Agreement:
The ECC approved a Sale Purchase Agreement (SPA) between OQ Trading and PSO in accordance with an earlier Inter-Governmental Agreement (IGA) signed between the governments of Pakistan and Oman.
Hotel Redevelopment:
The committee considered a summary from the Defence Division and approved the formation of a committee to negotiate a settlement for the redevelopment of the Roosevelt Hotel in collaboration with the union.
Government Guarantee:
Another summary from the Defence Division was approved, authorizing a Government of Pakistan Guarantee of USD 153.855 million (equivalent in PKR) based on a term sheet agreed between PIAIL and NBP.
Water Supply Scheme:
The ECC approved a Technical Supplementary Grant of Rs. 7797.160 million from the Water Resources Division for the Greater Karachi Bulk Water Supply Scheme (K-IV Project). The amount was transferred from the Provincial Consolidated Fund of Sindh through the Federal Consolidated Fund.
Interior and Narcotics Control Division:
The ECC also approved a Technical Supplementary Grant of Rs. 567.032 million, out of savings from the Finance Division, for the Interior and Narcotics Control Division.