WEBDESK: Prime Minister Shehbaz Sharif has approved the closure of the Utility Stores Corporation (USC) and ordered that the process be carried out in a fair and transparent manner. He stressed that employees rights must be fully protected during the transition.
The decision was taken on Friday during a meeting of the federal cabinet, which unanimously approved the dissolution of the USC. The corporation had already suspended its operations nationwide on 31 July.
Sources confirmed that all USC employees will lose their jobs as part of the closure.
The meeting began with prayers for those who lost their lives in recent rains and floods. The Prime Minister thanked cabinet members who visited the affected areas to monitor relief and rescue efforts. He also directed federal institutions to fully support provincial governments in assisting flood-hit communities.
The Prime Minister announced the formation of a high-level committee to review fertiliser pricing and help reduce costs for farmers. The committee includes 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.
The cabinet also gave initial approval to amend the Special Economic Zones Act 2012, aimed at boosting investment and industrial growth. The Prime Minister added that making an environment that was business friendly would facilitate the exportation and creation of jobs.
He added that Pakistan’s economy was showing signs of stability and growth.
The cabinet further approved the presentation of the National Economic Council’s Annual Report for the financial year 2023-24 before Parliament. It also endorsed decisions made earlier by the Economic Coordination Committee (ECC) and the Cabinet Committee on Legislative Cases (CCLC).
During the meeting, the Prime Minister expressed displeasure over the increase in medicine prices and returned the summary on drug pricing for revision.
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