ECC advances PASSCO wind-up with approvals

The Economic Coordination Committee (ECC) of the cabinet on Thursday approved 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 committee met under the chairmanship of the Minister for Finance and Revenue Muhammad Aurangzeb and approved summaries submitted by various ministries and divisions on matters relating 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 tons of flood-damaged PASSCO wheat through an open and transparent competitive bidding process, subject to third-party validation, to minimize financial losses, ensure the 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 Ministry of National Food Security and Research, for the payment of compensation and terminal benefits to eligible employees as part of the orderly winding-up of the Corporation.

The ECC considered a summary submitted by 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 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, by incorporating a definition of "forced labour" in line with the ILO Forced Labour Convention, 1930 (No. 29).