The Economic Coordination Committee (ECC) of the Cabinet approved key measures on Thursday 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.
PASSCO Winding-Up and Wheat Auction
The ECC, chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, approved a summary from the Ministry of National Food Security and Research for the auction of 8,197.989 metric tons of flood-damaged PASSCO wheat. The auction will be conducted through an open and transparent competitive bidding process, subject to third-party validation, to minimize financial losses and ensure transparent disposal of damaged stocks. This step supports the ongoing restructuring and winding-up process of PASSCO.
Severance Package for PASSCO Employees
The Committee also approved a Rs. 4.188 billion severance package for PASSCO employees, submitted by the Ministry of National Food Security and Research. The package covers compensation and terminal benefits for eligible employees as part of the orderly winding-up of the Corporation.
Financial Sustainability Plan for Quaid-i-Azam University
The ECC considered a summary from 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 long-term financial sustainability and ensure continuity of academic operations.
Amendments to Import Policy Order 2022
The Committee further approved a proposal from 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). This amendment will strengthen Pakistan’s legal framework governing imports, reinforce compliance with international labour commitments, and enhance the country’s trade governance framework.
Meeting Attendees
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 relevant ministries, divisions, and regulatory authorities.
