Pakistan’s Economic Coordination Committee (ECC) has approved a grant of more than Rs7.797 billion for Karachi’s K-IV water supply project, along with a series of decisions covering wheat stocks, energy, petroleum imports and major government projects.
The decisions were taken at an ECC meeting chaired by Finance Minister Muhammad Aurangzeb.
The committee approved the release of wheat stocks held by the Pakistan Agricultural Storage & Services Corporation Limited (PASSCO), with 85 per cent of the wheat to come from locally procured stocks and the remaining 15 per cent from imported supplies.
The ECC also allowed the import of petroleum products through customs-bonded storage facilities and against the accounts of foreign suppliers, while approving an energy cooperation agreement between Pakistan and Oman.
On government assets, the committee approved the establishment of a negotiating committee for the redevelopment of the Roosevelt Hotel in New York.
It also authorised a $153.8 million government guarantee relating to an agreement between Pakistan International Airlines (PIA) and the National Bank.
In addition, the ECC approved Rs567 million for the Frontier Corps to provide security for the Reko Diq mining project in Balochistan.
The approvals form part of a broader package of economic, infrastructure and energy-related decisions considered by the committee.