ISLAMABAD:
The Economic Coordination Committee (ECC) of the cabinet on Thursday approved a summary for the auction of 8,197,989 metric tonnes of flood-damaged PASSCO wheat and a compensation package of Rs 4,188 crore for PASSCO employees.
The committee met under the chairmanship of Finance and Revenue Minister Muhammad Aurangzeb and approved summaries submitted by various ministries and divisions on issues related to food security, public sector reforms and Pakistan’s international commitments.
The ECC approved a summary submitted by the Ministry of National Food Security and Research for the auction of 8,197,989 metric tonnes of flood-damaged PASSCO wheat 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 ongoing restructuring and liquidation process of PASSCO.
The committee also approved a severance package of Rs 4,188 crore for PASSCO employees, submitted by the Ministry of National Food Security and Research, for payment of compensation and terminal benefits to eligible employees as part of the orderly liquidation of the Corporation.
The ECC considered a summary submitted by the Ministry of Federal Education and Vocational Training on the Governance and Financial Sustainability Plan of Quaid-i-Azam University, Islamabad. After reviewing the plan, the committee recommended the university 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, incorporating a definition of “forced labour” in line with the ILO Forced Labor Convention, 1930 (No. 29).
