ECC Approves Grant of Rs. 200 Million for Pakistan Military Accounts Department

The Economic Coordination Committee has approved Technical Supplementary Grant (TSG) amounting to Rs. 200 million to the Pakistan Military Accounts Department (PMAD) for conversion of Pensioners to Direct Credit System (DCS) during its recent meeting, chaired by Shaukat Tarin. PMAD is an executive department of the Ministry of Defence that had presented a summary to the ECC requesting funds amounting to Rs. 1.1 billion over a span of three fiscal years. With the funds, PMAD is aiming to build infrastructure and hire the required human resources for a smooth transition of existing pensioners to DCS. The accounts department had approached the Finance Division before the approval of the ECC. The Finance Division had agreed to provide Rs. 200 million to the department. The ECC also approved a TSG of Rs. 3.5 billion for the project, titled, “Pak University of Engineering and Emerging Technologies (PUEET) (Knowledge Economy Initiative).” The project plans on building several centers of excellence in the cutting-edge fields of science and technology, as well as a state-of-the-art technology park. The meeting was attended by Federal Minister for National Food Security and Research, Syed Fakhar Imam, Federal Minister for Planning, Development and Special Initiatives, Mr. Asad Umar, Federal Minister for Economic Affairs, Mr. Omar Ayub Khan, Federal Minister for Industries and Production, Makhdoom Khusro Bakhtiar, Federal Minister for Energy, Mr. Hammad Azhar, Adviser to the Prime Minister on Commerce & Investment, Mr. Abdul Razak Dawood, Federal Secretaries and senior officials.