The Economic Coordination Committee (ECC) of the cabinet, chaired by Minister for Finance and Revenue Muhammad Aurangzeb, approved on Thursday a summary for the auction of 8,197.989 metric tons of flood-damaged PASSCO wheat and a Rs4.188 billion severance package for PASSCO employees. The meeting also addressed summaries from various ministries on food security, public sector reforms, and international commitments.
Auction of Flood-Damaged Wheat
The ECC 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 through an open and transparent competitive bidding process, subject to third-party validation. This step aims to minimize financial losses, ensure transparent disposal of damaged stocks, and support the ongoing restructuring and winding-up process of PASSCO.
Severance Package for PASSCO Employees
The committee also approved a Rs4.188 billion severance package for PASSCO employees, submitted by the same ministry. This 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 review, 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 viability and continuity of academic operations.
Amendment to Import Policy Order
Additionally, the ECC approved a proposal from the Ministry of Commerce to amend the Import Policy Order, 2022, by incorporating a definition of "forced labour" consistent with the ILO Forced Labour Convention, 1930 (No. 29). This amendment aligns Pakistan's import regulations with international labor standards.
