The Economic Coordination Committee (ECC) has approved a technical supplementary grant of 50 billion rupees for defence projects.
According to the 24NewsHD TV channel, the ECC meeting, chaired by Federal Minister for Finance Senator Muhammad Aurangzeb on Tuesday, also approved a grant of more than 100 million rupees for the repair of defence equipment used by civil armed forces.
In the ECC meeting, an additional grant of over 840 million rupees was also approved for border surveillance and internal security.
The ECC sanctioned the dissolution of PASSCO and the establishment of a Special Purpose Vehicle, while also authorising an initial capital investment of one million rupees for the SPV.
In addition, the committee approved an extension of the licences for offshore oil and gas exploration blocks.
The ECC also endorsed proposals aimed at increasing the participation of foreign companies in the energy sector.
The Economic Coordination Committee is a federal institution and a consultative forum used by the people-elected Prime Minister of Pakistan as its chairman for matters concerning the state's economic security, geoeconomic, political, economic and financial endowment issues.
Although it is often chaired by the Finance Minister and the senior economic officials as its members on multiple occasions, the key executive authorisations on key economic policies are made by the Prime Minister of Pakistan, who reserves the right to call upon and serves as the chairman of the ECC.
Reporter: Waqas Azeem