The federal cabinet on Friday unanimously approved the dissolution of the Utility Stores Corporation, directing that the process be handled with complete transparency and with full protection of employees’ rights.
The decision followed the nationwide suspension of Utility Stores Corporation operations on July 31, according to a statement from the Prime Minister’s Office.
Prime Minister Muhammad Shehbaz Sharif, who presided over the meeting, emphasized the government’s commitment to safeguarding workers while restructuring state-run entities. The cabinet session began with a special prayer for those who lost their lives in the recent rains and floods.
During the discussion, the Prime Minister expressed appreciation for cabinet members who personally visited flood-affected areas to oversee rescue and relief activities.
Shehbaz Sharif underlined that reducing farmers’ production costs was essential to raising agricultural output. To address fertilizer pricing and related challenges, he announced the formation of a high-level committee comprising Minister for Climate Change Dr. Musadik Malik, Minister for Petroleum Ali Pervez Malik, Minister for National Food Security Rana Tanveer Hussain, Adviser Muhammad Ali, and Special Assistant on Industry Haroon Akhtar.
To spur industrial development, the cabinet granted in-principle approval for amendments to the Special Economic Zones Act, 2012. The Prime Minister noted that a business- and investor-friendly climate was key to driving growth, adding that expanding industries would boost exports and create employment opportunities.
“With the grace of Almighty Allah, Pakistan’s economy is stabilizing and moving towards growth,” the Prime Minister remarked.
The cabinet further approved the presentation of the Annual Report of the National Economic Council for fiscal year 2023-24 before Parliament, while also endorsing the decisions made earlier by the Economic Coordination Committee (ECC) on August 19 and the Cabinet Committee on Legislative Cases (CCLC) on August 18.
