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ECC Clears Defence Funding, PASSCO Wind-Down, Offshore Exploration Incentives

The decisions signal a push toward security funding, agency downsizing, offshore energy incentives.

Overview

  • The committee approved a Rs50 billion technical supplementary grant for Defence Services projects.
  • The Interior Ministry secured Rs100.3 million for equipment maintenance and Rs841.56 million for border and internal security for the Federal Civil Armed Forces.
  • PASSCO will be wound down through a new special purpose vehicle with Rs1 million in initial paid-up capital and reduced authorised capital.
  • The ECC endorsed licence extensions and working-interest assignments for offshore oil and gas blocks to encourage foreign participation.
  • The Commerce Ministry’s request to reinstate SRO 760 did not receive approval.