ISLAMABAD: Pakistan on Tuesday approved Rs50.9 billion ($180 million) for defense projects to improve national security.
The funds were approved during a meeting of the Economic Coordination Committee (ECC) in Islamabad. Officials
The committee approved Rs 100.3 million ($355,017) for the repair and maintenance of defense equipment used by the Federal Civil Armed Forces. This funding will ensure that equipment remains operational for law enforcement and security operations.
An additional Rs 841.56 million ($2.98 million) was allocated to improve border security, internal security, and law and order. The funding will be used to strengthen border infrastructure and enhance security measures across the country.
Special purpose vehicle for agricultural purposes
The government will establish a Special Purpose Vehicle (SPV) with an initial capital of Rs1 million ($3,539) to oversee the winding down of the Pakistan Agricultural Storage and Services Corporation (PASSCO).
The SPV will focus on modernizing procurement, streamlining supply chains, and improving efficiency in Pakistan’s agricultural sector.
Foreign investment in energy sector
The government is introducing measures to attract foreign investment in off-shore oil and gas exploration. This includes extending exploration licenses and offering working interest assignments to foreign companies.
The goal is to bring in expertise, technology, and capital to boost energy development.
The committee also approved additional measures to increase foreign participation in Pakistan's petroleum sector.
The approvals come at a time of heightened security concerns.
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