Cabinet approves USC dissolution

Prime Minister Shehbaz Sharif on Friday directed that the dissolution of the Utility Stores Corporation (USC) be carried out transparently, with full protection of employees' rights. The federal cabinet, in a unanimous decision, approved the corporation's dissolution, following the suspension of its operations across the country on July 31.

The PM presided over a meeting of the federal cabinet, which began with a special prayer for those who lost their lives in the recent rains and floods across the country, a Prime Minister's Office news release said. He expressed gratitude to cabinet members who personally visited flood-hit areas to monitor rescue and relief operations.

The prime minister emphasised that reducing farmers' production costs was vital to improving agricultural output and announced the formation of a high-level committee comprising Minister for Climate Change Dr Musadik Malik, Minister for Petroleum Ali Pervez Malik, Minister for National Food Security Rana Tanveer Hussain, Adviser Muhammad Ali, and Special Assistant on Industry Haroon Akhtar to work on fertilizer pricing and related issues.

To further accelerate industrial growth, the cabinet gave in-principle approval to amend the Special Economic Zones Act, 2012.

Prime Minister Shehbaz stressed that providing a business and investor-friendly environment was crucial for industrial development, adding that the expansion of industries would enhance exports and create new jobs.

"With the grace of Almighty Allah, Pakistan's economy is stabilizing and moving towards growth," the Prime Minister remarked.

The meeting also approved the presentation of the Annual Report of the National Economic Council for fiscal year 2023-24 before Parliament, and endorsed decisions taken by the Economic Coordination Committee (ECC) on August 19 and the Cabinet Committee on Legislative Cases (CCLC) on August 18.