ISLAMABAD – The federal cabinet, chaired by Prime Minister Shehbaz Sharif, approved the dissolution of Utility Stores Corporation and amendments to the Special Economic Zones Act 2012.
According to reports, the meeting began with special prayers for those who lost their lives in recent rains and floods across the country. The Prime Minister thanked cabinet members who visited flood-affected areas and supervised rescue and relief operations.
During the session, on the recommendation of the Ministry of National Food Security and Research, proposals regarding price stabilization of urea fertilizer were presented. The Prime Minister emphasized the need to reduce production costs for farmers in order to boost agricultural output. A committee was formed under Minister for Climate Change Dr. Musadik Malik, Petroleum Minister Ali Pervez Malik, Minister for National Food Security Rana Tanveer Hussain, PM’s Adviser Muhammad Ali, and Special Assistant on Industries Haroon Akhtar to work on this matter.
The cabinet unanimously approved a summary from the Ministry of Industries and Production regarding the dissolution of Utility Stores Corporation. It was informed that all operations of utility stores had already ceased as of July 31. The Prime Minister directed that employees’ rights must be fully safeguarded and that the dissolution process be carried out transparently in accordance with legal and regulatory requirements.
The cabinet also gave in-principle approval to amendments in the Special Economic Zones Act 2012, aimed at promoting industrial development and encouraging new industries. The revised law will provide a more business- and investor-friendly environment, thereby accelerating industrial growth.
Prime Minister Shehbaz Sharif stated that creating a conducive environment for business and investment is vital for industrial progress. He added that, with the grace of Allah, the national economy is stabilizing and moving towards growth. Industrial development, he noted, will increase both exports and employment opportunities.
The cabinet also approved the presentation of the Annual Report of the National Economic Council for the fiscal year 2023–24 to Parliament on the recommendation of the Cabinet Division.
In addition, the cabinet ratified the decisions taken by the Economic Coordination Committee (ECC) in its meeting held on August 19, 2025, and the Cabinet Committee on Legislative Cases (CCLC) in its meeting of August 18, 2025.
