The Economic Coordination Committee (ECC) has approved a series of measures to accelerate the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO), including a Rs. 4.188 billion severance package for employees and the auction of flood-damaged wheat stocks.
The decisions were made during an ECC meeting chaired by Finance Minister Senator Muhammad Aurangzeb as part of the government’s broader public sector reform agenda.
As part of the winding-up process, the committee approved the auction of 8,197.989 metric tons of flood-damaged wheat through an open and transparent bidding process. The sale will be conducted with third-party validation to ensure fairness and reduce financial losses associated with the damaged stock.
The ECC also sanctioned Rs. 4.188 billion to provide severance payments and terminal benefits to eligible PASSCO employees affected by the organization’s closure.
The federal government had previously decided to dissolve PASSCO to reduce the financial burden of loss-making state-owned enterprises. Under the new policy, wheat procurement responsibilities will gradually shift to provincial governments and the private sector.
In a separate decision, the ECC reviewed the Financial Sustainability and Governance Plan of Quaid-i-Azam University and advised the institution to appoint independent financial experts to develop a practical long-term sustainability strategy aimed at ensuring uninterrupted academic operations.
Additionally, the committee approved an amendment to the Import Policy Order 2022, introducing a formal definition of forced labor in accordance with the ILO Forced Labour Convention, 1930. The government stated that the amendment will strengthen Pakistan’s import regulations, improve compliance with international labor standards, and enhance the country’s overall trade governance framework.
