The Economic Coordination Committee (ECC) of the Cabinet has approved a technical supplementary grant of Rs. 100 billion for the Prime Minister’s Austerity Fund. The main purpose of this fund is to help stabilize petroleum prices and protect consumers from sudden changes in global fuel prices.
The decision was made during a meeting chaired by Muhammad Aurangzeb. Officials shared that the funds will be arranged by reallocating resources from the Public Sector Development Program (PSDP). This will be done through careful planning, including rationalization and voluntary surrender of funds by different ministries.
Authorities have ensured that this reallocation will not significantly affect ongoing development projects. The government aims to balance financial needs while continuing important public initiatives without major delays or disruptions.
This step comes at a time when recent developments in the Gulf region are creating uncertainty in global oil markets. Such changes can directly impact fuel prices in Pakistan, increasing the burden on consumers.
By approving this grant, the government is trying to reduce the impact of rising international oil prices on the local market. The move is part of a broader strategy to maintain economic stability and provide relief to the public.
Officials believe that timely action and better coordination between departments will help manage the situation effectively and ensure a steady fuel supply at controlled prices across the country.
