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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved a series of key decisions relating to the restructuring of the Pakistan Agricultural Storage and Services Corporation (PASSCO), trade policy reforms, and higher education governance during a meeting chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb.
According to an official statement issued by the Finance Division, the ECC approved the auction of 8,197.989 metric tons of flood-damaged wheat held by PASSCO. The wheat will be sold through an open and transparent competitive bidding process, subject to third-party validation, to minimize financial losses, ensure transparent disposal of damaged stocks, and support the corporation’s ongoing restructuring and winding-up process.
The ECC also approved a Rs4.188 billion severance package for PASSCO employees. The package will be used to pay compensation and terminal benefits to eligible employees as part of the orderly closure of the state-owned grain storage corporation.
In another major decision, the ECC reviewed the Financial Sustainability and Governance Plan submitted by the Ministry of Federal Education and Professional Training for Quaid-i-Azam University, Islamabad. The committee advised the university to engage independent financial experts to prepare a realistic and comprehensive financial sustainability plan aimed at ensuring its long-term financial stability and uninterrupted academic operations.
The committee also approved a proposal submitted by the Ministry of Commerce to amend the Import Policy Order 2022 by incorporating a formal definition of “forced labour” in line with the International Labour Organization (ILO) Forced Labour Convention, 1930 (Convention No. 29).
According to the Finance Division, the amendment will strengthen Pakistan’s legal framework governing imports, improve compliance with international labour standards, and further enhance the country’s trade governance and global trade commitments.
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 and Federal Minister for Power Sardar Awais Ahmad Khan Leghari through virtual participation, Special Assistant to the Prime Minister on Industries Haroon Akhtar Khan, as well as senior officials from the relevant ministries, divisions and regulatory authorities.
