ISLAMABAD: The Economic Coordination Committee (ECC) has approved a plan to maintain 85% locally procured and 15% imported wheat in PASSCO’s reserves, while also allowing the timely release of imported wheat to recipient organizations.
The decisions were taken at an ECC meeting chaired by Finance Minister Muhammad Aurangzeb, according to an official statement issued after the meeting.
The ECC also approved the release of imported wheat from PASSCO stocks to recipient organizations to facilitate its timely disposal.
The committee allowed petroleum products to be imported on the accounts of foreign suppliers and also approved imports through customs-bonded storage facilities.
It further approved a sale and purchase agreement for energy cooperation between Pakistan and Oman. Under the agreement, OQ Trading and Pakistan State Oil (PSO) will cooperate to promote collaboration in the energy sector.
The ECC also approved the formation of a negotiating committee for the reconstruction of the Roosevelt Hotel.
In addition, the committee approved a government guarantee of $153.8 million for an agreement between Pakistan International Airlines (PIA) and National Bank of Pakistan.
The committee also approved a grant of Rs7.797 billion for the Karachi-4 project and sanctioned Rs567 million for the Frontier Corps for security arrangements related to the Reko Diq project.
