ISLAMABAD
The Economic Coordination Committee (ECC) of the Cabinet here on Thursday approved key measures for the winding-up of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and amendments to the Import Policy Order, 2022, aimed at strengthening Pakistan’s trade governance framework.
The ECC, which met here under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, approved summaries submitted by various ministries and divisions on matters relating to food security, public sector reforms, and Pakistan’s international commitments.
The cabinet body approved a summary of the Ministry of National Food Security and Research for the auction of 8,197.989 metric tons of flood-damaged PASSCO wheat through an open and transparent competitive bidding process, subject to third-party validation, to minimize financial losses, ensure the transparent disposal of damaged stocks, and support the ongoing restructuring and winding-up process of PASSCO.
The Committee also approved a Rs. 4.188 billion severance package for PASSCO employees, submitted by the Ministry of National Food Security and Research, for the payment of compensation and terminal benefits to eligible employees as part of the orderly winding-up of the Corporation.
The ECC considered a summary submitted by the Ministry of Federal Education and Professional Training regarding the Financial Sustainability and Governance Plan of Quaid-i-Azam University, Islamabad.
After reviewing the Plan, the Committee advised the University to engage independent financial experts to prepare a robust, realistic and practical financial sustainability plan to support the University’s long-term financial sustainability and ensure the continuity of its academic operations.
The Committee further approved a proposal submitted by the Ministry of Commerce to amend the Import Policy Order, 2022, by incorporating a definition of “forced labour” in line with the ILO Forced Labour Convention, 1930 (No. 29).
The amendment will strengthen Pakistan’s legal framework governing imports, reinforce compliance with international labour commitments, and enhance the country’s trade governance framework.
The meeting was attended by Federal Minister for Commerce, Jam Kamal Khan; Federal Minister for Investment, Qaiser Ahmed Sheikh; Federal Minister for Education and Professional Training, Dr. Khalid Maqbool Siddiqui; Federal Minister for Petroleum, Ali Pervaiz Malik (virtually); Federal Minister for Power, Sardar Awais Ahmad Khan Leghari (virtually); Special Assistant to the Prime Minister on Industries, Haroon Akhtar Khan, along with federal secretaries and senior officials from the relevant ministries, divisions and regulatory authorities.
