The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved a Rs. 100 billion Technical Supplementary Grant for the Prime Minister’s Austerity Fund to stabilize petroleum prices and shield consumers from international price volatility.
The decision, made at a meeting chaired by Senator Muhammad Aurangzeb, allows the mobilization of Public Sector Development Program (PSDP) funds through rationalization and surrender by various ministries, ensuring minimal disruption to ongoing projects.
The allocation comes in response to recent developments in the Gulf region and their potential impact on Pakistan’s fuel prices.
In a related development, the ECC approved the procurement of up to 1 million metric tons of wheat under the Interim National Wheat Policy (INWP) 2025-26. The wheat will be procured via a transparent and competitive private-sector process to bolster federal strategic reserves while maintaining market stability. Officials emphasized a flexible approach, allowing adjustments based on crop assessments, market conditions, and storage capacity.
The meeting was attended virtually by Jam Kamal Khan, Qaiser Ahmed Sheikh, Rana Tanveer Hussain, along with federal secretaries and senior officials from relevant ministries.