The Economic Coordination Committee (ECC) on Tuesday approved a series of key financial packages spanning national security, defence, food security and petroleum sector reforms.

Chaired by Finance Minister Senator Muhammad Aurangzeb, the meeting cleared a Technical Supplementary Grant (TSG) of Rs100.3 million for the maintenance and repair of defence equipment used by the Federal Civil Armed Forces, according to the Finance Ministry.

The ECC also approved another Rs841.56 million as TSG to support border control operations, internal security and law-and-order duties of the Civil Armed Forces.

A major allocation was endorsed for the Defence Division, with the Committee approving a TSG of Rs50 billion for approved projects of the Defence Services.

The ECC further approved a proposal from the Ministry of National Food Security and Research to wind up PASSCO and establish a Special Purpose Vehicle (SPV).

The new entity will begin with a paid-up capital of Rs1 million, with the authorised capital reduced in line with the requirements of PASSCO’s structured closure.

The Committee also backed proposals from the Petroleum Division to extend licence periods and assign working interests in offshore oil and gas exploration blocks.

The reforms aim to encourage stronger participation by foreign firms in Pakistan’s exploration sector.

Petroleum Minister Ali Pervaiz Malik, Planning Minister Ahsan Iqbal, SAPM Haroon Akhtar Khan and senior officials from relevant ministries and regulators attended the meeting.