ISLAMABAD – The federal cabinet, chaired by Prime Minister Shehbaz Sharif, has given the green light to dissolve the Utility Stores Corporation, officially shutting down the country’s long-running subsidised retail network.
The cabinet was told that all operations of utility stores across Pakistan had already been wrapped up as of July 31. PM Shehbaz Sharif directed that employees’ rights must be fully safeguarded and all legal requirements met “fair and square” during the dissolution process.
During the meeting, the Ministry of National Food Security presented proposals to balance urea fertilizer prices. The Prime Minister stressed that cutting farmers’ production costs is the only way to boost agricultural output.
To tackle the issue, he set up a special committee including Climate Change Minister Dr Musadik Malik, Petroleum Minister Ali Pervez Malik, Food Security Minister Rana Tanveer Hussain, PM’s Adviser Muhammad Ali, and Special Assistant on Industry Haroon Akhtar.
The cabinet also gave its nod in principle to amend the Special Economic Zones Act 2012, aiming to attract investment and set up new industries.
PM Sharif said that providing a business-friendly environment is the need of the hour, as it would not only boost exports but also create thousands of new jobs.
He added that “by the grace of God,” Pakistan’s economy is finding its feet again and moving on the road to progress.
In addition, the cabinet approved the National Economic Council’s annual report for FY 2023-24 to be presented in Parliament, and endorsed the decisions of the Economic Coordination Committee (ECC) held on August 19 and the Cabinet Committee on Legislation (CCLC) held on August 18.
The meeting concluded with prayers for those who lost their lives in recent rains and floods across the country.