ISLAMABAD: The federal cabinet, chaired by Prime Minister Shehbaz Sharif on Tuesday, offered prayers for those who lost their lives in the recent rains and floods, while reviewing key economic and administrative matters.
The prime minister thanked cabinet members who visited flood-affected areas and oversaw rescue and relief efforts. He stressed that reducing farmers’ cost of production was vital for enhancing agricultural output. To this end, he formed a committee comprising Minister for Climate Change Dr Musadik Malik, Minister for Petroleum Ali Pervaiz Malik, Minister for National Food Security Rana Tanveer Hussain, PM’s Adviser Muhammad Ali, and Special Assistant Haroon Akhtar.
The cabinet approved a summary from the Ministry of Industries and Production regarding the dissolution of the Utility Stores Corporation. According to the official announcement, all USC operations were ceased on July 31. The prime minister directed that the rights of employees be fully protected during the process and that all legal requirements be observed transparently.
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Separately, the cabinet granted in-principle approval to amend the Special Economic Zones Act, 2012, aimed at creating a more business- and investor-friendly environment to accelerate the pace of industrial development. “With the blessings of Allah, the national economy is on the path of stability and growth,” the prime minister said, adding that the establishment of new industries would help increase exports and create employment opportunities.
The cabinet also approved the presentation of the National Economic Council’s annual report for FY2023-24 before parliament. In addition, it ratified decisions taken by the Economic Coordination Committee (ECC) in its August 19 meeting and by the Cabinet Committee on Legislative Cases (CCLC) in its August 18 session.
