ECC approves key summaries on PASSCO, import policy

July 02, 2026 (MLN): The Economic Coordination Committee (ECC) of the Cabinet approved the auction of 8,197.989 metric tons of flood-damaged PASSCO wheat.

The auction will be conducted through an open and transparent competitive bidding process, subject to third-party validation.

The move aims to minimize financial losses and ensure transparent disposal of the damaged stocks as part of the ongoing restructuring and winding-up of PASSCO.

The meeting was held under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, wherein summaries submitted by various ministries and divisions on matters relating to food security, public sector reforms and Pakistan's international commitments were taken up, said a press release issued.

The Committee also approved a Rs4.188 billion severance package for PASSCO employees, submitted by the Ministry of National Food Security and Research, for the payment of compensation and terminal benefits to eligible employees as part of the Corporation's orderly winding-up process.

Regarding the Financial Sustainability and Governance Plan of Quaid-i-Azam University, Islamabad, the ECC reviewed a summary submitted by the Ministry of Federal Education and Professional Training.

The Committee advised the university to engage independent financial experts to prepare a robust, realistic and practical financial sustainability plan. This is meant to support the university's long-term financial sustainability and ensure continuity of its academic operations.

The Committee further 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 ILO Forced Labour Convention, 1930 (No. 29), a move expected to strengthen Pakistan's legal framework governing imports, reinforce compliance with international labour commitments and enhance the country's trade governance framework.

The meeting was attended by Federal Minister for Commerce Jam Kamal Khan, Federal Minister for Investment Qaiser Ahmed Sheikh, Federal Minister for Education and Professional Training Dr Khalid Maqbool Siddiqui, Federal Minister for Petroleum Ali Pervaiz Malik (virtually), Federal Minister for Power Sardar Awais Ahmad Khan Leghari (virtually), and Special Assistant to the Prime Minister on Industries Haroon Akhtar Khan, along with federal secretaries and senior officials from relevant ministries, divisions and regulatory authorities.

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