Islamabad: The Economic Coordination Committee of the Cabinet has approved the signing of a Sale Purchase Agreement (SPA) for the supply of petroleum products between Pakistan State Oil and SOCAR Azerbaijan.
According to Radio Pakistan, the approval was granted during an ECC meeting held in Islamabad, chaired by Senator Muhammad Aurangzeb. This agreement marks a significant development in the petroleum sector, aiming to enhance energy security and strengthen economic ties between Pakistan and Azerbaijan.
During the meeting, the ECC also approved the Circular Debt Management Plan for the fiscal year 2024-25. The plan, presented by the Ministry of Energy (Power Division), is designed to reduce liabilities in the power sector and promote financial sustainability. This initiative is seen as a crucial step towards resolving the longstanding issue of circular debt in Pakistan’s energy sector.
In addition to energy sector decisions, the Ministry of Information and Broadcasting presented a summary requesting a tec
hnical supplementary grant of 95.822 million rupees. This grant is intended to settle outstanding dues related to the 23rd Shanghai Cooperation Organization’s Council of Heads of Government meeting. The ECC directed the Ministry to reappropriate funds from its allocated budget for the fiscal year 2024-25, with the Finance Division prepared to allocate additional funds if needed at the end of the fiscal year.
Another request by the Ministry of Information and Broadcasting for an additional 536.1 million rupees for crucial digital initiatives was also discussed. The ECC advised the Ministry to reappropriate the required amount from its budget, with the possibility of supplementary funds being allocated later, if required.
Lastly, the ECC reviewed the rising prices of pulses and chicken, expressing concern over the issue. The committee tasked the National Price Monitoring Committee to work in consultation with the Ministry of National Food Security and Research and provincial administrations to monitor the sit
uation and provide relief to the common man promptly.