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 for PASSCO employees of Rs 4.188 billion.
The committee met under the chairmanship of Finance and Excise Minister Muhammad Aurangzeb and approved summaries of various ministries and departments on issues related to food security, public sector reforms and Pakistan’s international obligations.
The ECC approved a summary submitted by the Ministry of National Food Security and Research for the auction of 8,197,989 tons 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 the ongoing PASSCO restructuring process.
The committee also approved a severance package of Rs 4.188 billion for PASSCO employees, submitted by the Ministry of National Food Security and Research, for payment of compensation and terminal benefits to eligible employees as part of the orderly winding up of the company.
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 activities.
The committee also approved a proposal made by the Ministry of Commerce to amend the Import Policy Order, 2022, by incorporating a definition of “forced labour” in accordance with the ILO Forced Labor Convention, 1930 (No. 29).
