The federal cabinet has approved a plan to wind up the Pakistan Agricultural Storage and Services Corporation (PASCO) by December, marking a significant restructuring move in the country’s public-sector agricultural operations.
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According to official sources, the cabinet also approved a financial package for PASCO employees as part of the closure process. A compensation package worth Rs4.18 billion has been sanctioned to facilitate the transition and provide financial support to the corporation’s workforce.
Sources said PASCO currently has around 1,100 regular employees who will be covered under the approved package. The government is expected to finalize the implementation mechanism in the coming months to ensure an orderly completion of the restructuring process.
In addition to the employee package, the cabinet approved the auction of wheat stocks that were damaged during floods. Officials believe the disposal of these affected reserves will help clear existing inventories and complete pending matters before the corporation is formally dissolved.
PASCO has traditionally been responsible for the procurement, storage and management of strategic wheat reserves in Pakistan. The corporation has also played a role in maintaining food security by storing wheat stocks and supporting government procurement operations during different crop seasons.
The decision to close PASCO is part of the government’s broader reform agenda aimed at restructuring state-owned entities and improving efficiency in the public sector. Officials have not yet announced which institutions will assume PASCO’s remaining responsibilities after the closure process is completed.
The approved employee package is intended to ease the impact of the transition on the corporation’s workforce while ensuring compliance with legal and administrative requirements. Relevant ministries are expected to oversee the implementation of the plan and complete the closure by the end of the year.
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Further details regarding the transfer of assets, management of remaining wheat stocks and the future distribution of PASCO’s operational responsibilities are expected to be announced as the implementation process moves forward.