Overview
- The ECC approved a Rs50 billion technical supplementary grant for Defence Services, with roughly Rs39 billion for the military and just under Rs11 billion for navy upgrades, plus Rs2 billion for border fencing and Rs9.9 billion in internal security duty allowance, including Rs150 million for the air force.
- Separate technical grants of Rs100.3 million for equipment maintenance and Rs841.56 million for border and internal-security duties were sanctioned for the Federal Civil Armed Forces.
- PASSCO will be wound up through a new special purpose vehicle, and the Wheat Stocks Management Company will be created with authorised capital of about Rs350 billion to manage assets and liabilities.
- The Finance Ministry will issue sovereign guarantees so the new company can raise bank loans to retire PASSCO’s roughly Rs528 billion liabilities, with annual budget allocations to service the debt and an exemption from the State-Owned Enterprises Act.
- To attract foreign exploration, the ECC approved petroleum measures including licence extensions and working-interest assignments for offshore oil and gas blocks, moving the decisions to ministry-level implementation.