The Economic Coordination Committee (ECC) on Tuesday approved the wheat procurement target of Pakistan Agricultural Storage and Services Corporation (PASCO) from 1.4 million tonnes to 1.8 million tonnes.

In order to ensure adequate supply of urea fertilizer for the upcoming Kharif season 2024, ECC has taken decisive steps and adopted a strategy to meet these requirements.

The meeting approved an advance subsidy of Rs 70 billion for K-Electric and Rs 55 billion for Azad Jammu and Kashmir (AJK).

Senator Muhammad Aurangzeb, Finance Minister, chaired the ECC meeting during which a technical grant of Rs 200 million was approved for defense manufacturing.

The members of the ECC meeting also approved the wage bill – from January 2024 to June 2024 – of employees of Pakistan Steel Mills.

The ECC approved an additional grant of Rs 5.89 billion and Rs 4.86 billion allocated to the Engineering Development Authority (ERA) and the Atomic Energy Commission respectively.

The ECC meeting approved an additional technical grant of Rs 2.5 billion approved for the Ministry of Power, which is likely to support infrastructure projects and initiatives to increase production and distribution of electricity.