ECC Approves Severance, Wheat Auction and Steps to Wind Up PASSCO

Overview

• The Economic Coordination Committee approved a Rs4.188 billion severance package for PASSCO staff to pay compensation and terminal benefits as part of an orderly winding‑up process.
• The ECC authorised the auction of 8,197.989 metric tonnes of flood‑damaged PASSCO wheat through open competitive bidding with third‑party validation to reduce fiscal losses and ensure transparent disposal.
• Committee members endorsed phased restructuring steps for PASSCO that package asset disposal and employee compensation to facilitate the corporation’s closure.
• Quaid‑i‑Azam University’s financial plan was not approved and the ECC directed the university to hire independent financial experts to produce a more realistic long‑term funding strategy.
• The ECC approved amending the Import Policy Order, 2022 to define “forced labour” in line with ILO Convention No. 29, a move meant to strengthen import governance and help meet international compliance expectations.