Finance Minister Muhammad Aurangzeb chairs meeting approving major supplementary grants, youth loan scheme revisions, gas supply arrangements and new import restrictions.
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved a series of major financing and development measures, including Rs275 billion for water sector projects, substantial allocations for defence requirements and revisions to the Prime Minister’s Youth Business and Agriculture Loan Scheme.
The meeting was chaired by Finance Minister Senator Muhammad Aurangzeb on Wednesday, with 11 agenda items submitted by various ministries and divisions, according to a Finance Ministry press release.
The ECC approved three Technical Supplementary Grants (TSGs) submitted by the Defence Division, including Rs54 billion for ongoing Defence Services projects, Rs1.094 billion for the induction of a Lineage L-1000 aircraft and Rs29.139 billion for Project Istaqlal.
It also approved Rs3.71 million for helicopter maintenance requirements of Frontier Corps Balochistan (North).
A major approval involved Rs275 billion for important water infrastructure projects under the Ministry of Water Resources.
The committee also approved revisions to the tiers and bank rate of the Prime Minister’s Youth Business and Agriculture Loan Scheme to improve access to affordable financing and encourage entrepreneurship and employment.
Additionally, Rs15.625 billion in savings generated through austerity and fuel conservation measures will be transferred to the Prime Minister’s Austerity Fund 2026.
On the import front, the ECC approved restrictions on camera-enabled smart glasses and recommended that provincial governments and the Islamabad Capital Territory introduce appropriate workplace regulations governing their use.
The committee also approved continued gas supply to SNGPL-based urea manufacturers FatimaFert and Agritech until December 31, 2026, subject to energy availability.
Other approvals included relaxation of applicable Exploration and Production Rules for the extension and renewal of 89 petroleum rights, subject to prescribed conditions.
Furthermore, the ECC sanctioned a Rs1 billion supplementary grant for gasification of villages located within five kilometres of gas production fields during FY2026-27.
Federal ministers for Power Sardar Awais Ahmad Khan Leghari and Petroleum Ali Pervaiz Malik, Minister of State for Finance Bilal Azhar Kiyani, and senior government officials attended the meeting.