ECC okays Rs31bn supplementary grant to defence ministry
The Economic Coordination Committee (ECC) of the cabinet on Thursday approved a Rs31 billion supplementary grant to the defence ministry and cleared an out-of-court settlement with three “non-performing and defaulter” oil and gas companies over 11 exploration and concession blocks to push for new domestic hydrocarbon finds. In a meeting presided over by Finance Minister Ishaq Dar, the committee also approved payment of monthly salaries to the remaining employees of the defunct Pakistan Steel Mills (PSM) throughout the year and allowed the transfer of the working interest of Eni — an Italian multinational energy company — in Pakistan to a little-known firm on the guarantee of Hubco. An official statement said the ECC approved technical supplementary grants of Rs30.89bn in favour of the defence division for unspecified expenses and Rs1bn for the Ministry of Housing and Works.