Summary ECC approves PASSCO restructuring, wheat auction, employee severance package and import policy amendments to strengthen governance and international compliance.
ISLAMABAD (Dunya News) - The Economic Coordination Committee (ECC) of the federal cabinet, chaired by Finance Minister Muhammad Aurangzeb, approved a series of key economic measures during its latest meeting.
The committee endorsed major decisions related to the phased restructuring of the Pakistan Agricultural Storage and Services Corporation (PASSCO), including approval to auction 8,198 metric tonnes of flood-damaged wheat through a transparent bidding process.
The ECC also approved a summary for the payment of compensation and terminal benefits to PASSCO employees. In addition, it sanctioned a severance package worth Rs4.188 billion for the organization's workforce as part of the restructuring process.
The committee directed authorities to prepare a revised sustainable financial plan for Quaid-i-Azam University, recommending that independent financial experts be engaged to develop a practical and long-term funding strategy.
The ECC further approved an amendment to the Import Policy Order 2022 by incorporating the definition of "forced labour" in line with International Labour Organization (ILO) Convention No. 29.
According to the committee, the amendment will strengthen Pakistan's compliance with its international labour commitments and help align the country's trade governance framework with global standards.
