The Economic Coordination Committee of the Cabinet has approved the signing of Sale Purchase Agreement (SPA) for the supply of Petroleum products between Pakistan State Oil and SOCAR Azerbaijan.

The approval to this effect was given at the ECC meeting held in Islamabad today with Senator Muhammad Aurangzeb in the chair.

The ECC also approved the Circular Debt Management Plan for FY 2024-25, presented by the  Ministry of Energy (Power Division), which aims to reduce liabilities in the power sector and enhance financial sustainability.

The Ministry of Information and Broadcasting presented a summary requesting a technical supplementary grant of 95.822 million rupees to settle the outstanding dues related to the 23rd Shanghai Cooperation Organization's Council of Heads of Government meeting.

The ECC, after deliberation, directed the Ministry of Information and Broadcasting to reappropriate the funds from its allocated budget for the fiscal year 2024-25. In case of a shortfall of funds at the end of the fiscal year, the Finance Division will allocate a technical supplementary grant as needed.

Another request from Ministry of Information and Broadcasting for an additional 536.1 million rupees for crucial digital initiatives was discussed. The ECC similarly directed the Ministry to reappropriate the required amount from its  budget, with the possibility of supplementary funds being allocated later, if required.

The ECC also reviewed the situation of price hikes of Pulses and Chicken.  The ECC showed concern upon the situation and asked National Price Monitoring Committee to monitor the situation in consultation of Ministry of National Food Security and Research and provincial administration to provide relief to common man at the earliest.