ECC approves PASSCO severance package, wheat disposal, trade policy amendment

The Economic Coordination Committee (ECC) on Thursday approved a Rs4.188 billion severance package for employees of the Pakistan Agricultural Storage and Services Corporation (PASSCO), the auction of flood-damaged wheat stocks, and an amendment to the Import Policy Order, 2022, aimed at strengthening compliance with international labour standards.

The decisions were taken at a meeting of the ECC chaired by Finance Minister Senator Muhammad Aurangzeb, according to a statement issued by the Finance Division.

As part of the government’s ongoing restructuring of PASSCO, the ECC approved the auction of 8,197.989 metric tons of flood-damaged wheat through an open and transparent competitive bidding process, subject to third-party validation. The move is intended to minimise financial losses, ensure transparent disposal of damaged stocks, and facilitate the corporation’s winding-up process.

The committee also approved a Rs4.188 billion severance package to provide compensation and terminal benefits to eligible PASSCO employees as part of the orderly closure of the state-owned entity.

On the education front, the ECC reviewed the Financial Sustainability and Governance Plan of Quaid-i-Azam University, Islamabad. Rather than approving the plan, the committee advised the university to engage independent financial experts to prepare a more robust, realistic, and practical strategy to ensure its long-term financial sustainability and uninterrupted academic operations.

In another key decision, the ECC approved a proposal by the Ministry of Commerce to amend the Import Policy Order, 2022, by incorporating a definition of “forced labour” in line with the International Labour Organization Forced Labour Convention, 1930 (No. 29).

According to the Finance Division, the amendment is expected to strengthen Pakistan’s legal framework governing imports, reinforce compliance with international labour commitments, and improve the country’s trade governance framework.

The meeting was attended by Commerce Minister Jam Kamal Khan, Investment Minister Qaiser Ahmed Sheikh, Education Minister Dr Khalid Maqbool Siddiqui, Petroleum Minister Ali Pervaiz Malik (via video link), Power Minister Sardar Awais Ahmad Khan Leghari (via video link), Special Assistant to the Prime Minister on Industries Haroon Akhtar Khan, and senior government officials.