ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved approved Pakistan’s membership in the New Development Bank, established by BRICS member countries. This includes the purchase of 5,882 capital shares, valued at $582 million, with $116 million as paid-in capital.
Additionally, the ECC allowed the transfer of shares of DISCOs (Distribution Companies) to the President of Pakistan and endorsed the establishment of an International Joint Trading Company in Singapore, a collaboration between Pakistan State Oil (PSO) and the State Oil Company of Azerbaijan (SOCAR).
The committee also approved over Rs27 billion to support key development initiatives.
The ECC meeting, chaired by Finance Minister Muhammad Aurangzeb in Islamabad, approved a technical supplementary grant of Rs19 billion for 133 development schemes under the defunct Pakistan Public Works Department.
An additional grant of Rs5.36 billion was sanctioned for projects under the Sustainable Development Goals (SDGs) Achievement Program, with Rs4 billion allocated to Sindh and Rs1 billion to Khyber Pakhtunkhwa.
To ensure improved services in Khyber Pakhtunkhwa, Rs1.9 billion was approved for NADRA to facilitate the transition of 43 Citizen Facilitation Centers. Moreover, Rs500 million was allocated for the procurement of life-saving medicines and vaccines.
The ECC also approved Rs84 million for the purchase of two Hino Coaster mini-buses and three Toyota Hiace vans to replace outdated official vehicles at the President’s Secretariat.
These decisions aim to advance Pakistan’s developmental priorities while fostering international cooperation and financial sustainability.
