ECC approves PASSCO wind-up measures, revises import rules and seeks new QAU financial plan

The Economic Coordination Committee (ECC) on Thursday approved key measures to advance the winding up of the Pakistan Agricultural Storage and Services Corporation (PASSCO), including a multi-billion-rupee compensation package for employees and the disposal of damaged wheat stocks, while also endorsing changes to Pakistan's import policy and reviewing the financial future of Quaid-i-Azam University.

The decisions were taken at a meeting chaired by Finance Minister Senator Muhammad Aurangzeb, the Finance Division said in a statement.

As part of PASSCO's restructuring, the committee approved a Rs4.188 billion severance package to compensate eligible employees and cover their terminal benefits as the state-owned corporation moves towards closure.

The ECC also authorised the auction of 8,197.989 metric tonnes of flood-damaged wheat through an open, transparent and competitive bidding process. According to the Finance Division, the sale will be subject to third-party validation to minimise financial losses, ensure transparency in the disposal process and support PASSCO's winding up.

Separately, the committee approved a proposal from the Ministry of Commerce to amend the Import Policy Order, 2022, by introducing a definition of "forced labour" in line with the International Labour Organization (ILO) Forced Labour Convention, 1930 (No. 29).

The Finance Division said the amendment would strengthen Pakistan's legal framework governing imports, improve compliance with international labour obligations and reinforce the country's trade governance system.

The ECC also reviewed the Financial Sustainability and Governance Plan submitted by Quaid-i-Azam University, Islamabad, but withheld its approval. Instead, it advised the university to engage independent financial experts to develop a stronger, more realistic and practical roadmap for achieving long-term financial sustainability while ensuring uninterrupted academic operations.

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