ECC Meeting Approves Storing Local and Imported Wheat in PASSCO Reserves
ISLAMABAD: The Economic Coordination Committee (ECC) has approved a proposal to keep local and imported wheat in the Pakistan Agricultural Storage and Services Corporation (PASSCO) reserves.
The committee agreed to keep 85 per cent local wheat and 15 per cent imported wheat in storage of PASSCO, the official notification issued after the meeting of the committee under the leadership of Federal Minister for finance and revenue Muhammad Aurangzeb, Islamabad. In addition, ECC gave permission to sell stocks of PASSCO to the recipient agencies for the timely offloading of imported wheat, said the official.
Petroleum Imports and Energy Cooperation
The committee also approved the importation of petroleum products in the name of foreign suppliers and the customs bonded storage facilities for petroleum products.
Moreover, the ECC signed a sale-purchase deal for energy cooperation between Pakistan and Oman, aimed to promote energy cooperation between OQ Trading and Pakistan State Oil (PSO) to facilitate collaboration in the energy sector between the two countries.
The Development Grants and Roosevelt Hotel Reconstruction are the other two.The other two are the Development Grants and Roosevelt Hotel Reconstruction.
In the session, the ECC agreed to establish a negotiation committee for the reconstruction of the Roosevelt Hotel, and also approved a $153.8 million government guarantee for a deal between Pakistan International Airlines (PIA) and the National Bank of Pakistan (NBP).
Moreover, the committee sanctioned a grant of Rs 7.797 billion for Karachi’s K-IV water supply project and approved a grant of Rs 567 million for the Frontier Corps (FC) to ensure security for the Reko Diq project.