The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved key measures including the winding-up process of PASSCO and amendments to trade policy. The ECC, which met under the chairmanship of 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.
PASSCO Winding-Up and Wheat Auction
The ECC approved a summary submitted by 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.
The committee also approved a Rs4.188 billion severance package for PASSCO employees, submitted by the same ministry, for payment of compensation and terminal benefits to eligible employees as part of the orderly winding-up of the Corporation.
Quaid-i-Azam University Financial Sustainability
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 the university’s long-term financial stability and ensure continuity of its academic operations.
Amendment to Import Policy Order on Forced Labour
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.
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.
