ISLAMABAD: Pakistan’s Economic Coordination Committee (ECC) on Thursday approved measures for the winding-up of the Pakistan Agricultural Storage and Services Corporation (PASSCO).
Minister for Finance and Revenue, Muhammad Aurangzeb chaired the ECC meeting on Thursday, a press release issued by the Finance Davison said.
The committee approved summaries submitted by various Ministries and Divisions on matters relating to food security, public sector reforms, and Pakistan’s international commitments.
The ECC also approved a summary from the Ministry of National Food Security and Research to auction 8,197.989 metric tons of flood-damaged PASSCO wheat through an open and competitive bidding process.
ECC Approves Key Measures on PASSCO Winding-Up and Trade Policy
The Economic Coordination Committee (ECC) of the Cabinet met today under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and approved summaries submitted by various… pic.twitter.com/2yye1OztB9
— Ministry of Finance, Government of Pakistan (@Financegovpk) July 2, 2026
The sale, subject to third-party validation, aims to minimise financial losses, ensure transparency, and support the ongoing restructuring and winding up of PASSCO.
The committee also approved a Rs4.188 billion severance package for PASSCO employees to cover compensation and terminal benefits for eligible staff as part of the corporation’s orderly closure.
In addition, the ECC reviewed a summary from the Ministry of Federal Education and Professional Training on the Financial Sustainability and Governance Plan of Quaid-i-Azam University, Islamabad.
After examining the proposal, the committee advised the university to engage independent financial experts to develop a realistic and practical long-term financial sustainability plan to safeguard 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).
The amendment will strengthen Pakistan’s legal framework governing imports, reinforce compliance with international labour commitments, and enhance the country’s trade governance framework.
