ISLAMABAD:
The Economic Coordination Committee (ECC) of the cabinet on Thursday approved a summary for the auction of 8,197.989 tonnes of flood-damaged PASSCO wheat and a severance package of Rs 4.188 billion for PASSCO employees.
The committee met under the chairmanship of Minister of Finance and Revenue Muhammad Aurangzeb and approved the summaries submitted by various ministries and divisions on issues related to food security, public sector reforms and international commitments of Pakistan.
The ECC approved a summary submitted by the Ministry of National Food Security and Research for the auction of 8,197.989 tonnes of flood-damaged PASSCO wheat through an open and transparent bidding process, subject to third-party validation, to minimize financial losses, ensure transparent disposal of damaged stocks and support PASSCO’s ongoing restructuring and liquidation process.
The committee also approved a severance package of Rs4.188 billion for PASSCO employees, submitted by the Ministry of National Food Security and Research, for payment of severance and compensation to eligible employees in connection with the orderly liquidation of the company.
The ECC reviewed a summary submitted by the Federal Ministry of 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 long-term financial viability of the university 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 Ordinance, 2022, by incorporating a definition of “forced labour” in accordance with the ILO Forced Labor Convention, 1930 (No. 29).
