Rs100bn | Pakistan

ISLAMABAD: The Economic Coordination Committee (ECC) on Thursday approved a Rs100 billion supplementary grant for the prime minister’s austerity fund created to finance the petroleum pricing subsidy. Finance Minister Muhammad Aurangzeb presided over the ECC meeting, which approved a summary submitted by the Ministry of Finance, seeking a Technical Supplementary Grant (TSG) of Rs100bn for onward transfer to the austerity fund. “The committee was informed that, in light of evolving developments in the Gulf region and their potential impact on international petroleum prices, the prime minister had directed the mobilisation of Public Sector Development Programme (PSDP) resources to meet price differential requirements on petroleum products and to cushion consumers from price volatility,” an official statement said. During the discussion, the ECC noted that the proposed allocation was being met through rationalisation and surrender of PSDP funds by various ministries and divisions, as coordinated by the Ministry o...