Islamabad: The Federal Cabinet has approved the dissolution of Utility Stores Corporation.

This was decided during the Federal Cabinet chaired by Prime Minister Mian Muhammad Shehbaz Sharif. The cabinet was told that operations of Utility Stores across the country were officially terminated as of July 31.

Prime Minister Shehbaz Sharif directed that the rights of employees be fully protected throughout the dissolution process. He stressed that the procedure must be carried out transparently, in strict compliance with all legal and regulatory frameworks concerning employee welfare.

Besides, the Cabinet granted in-principle approval to amend the Special Economic Zones Act of 2012 to foster industrial development and encourage the establishment of new industries. The proposed amendments aim to create a more business and investor-friendly environment within these zones, accelerating industrial growth.

In this context, Prime Minister Shehbaz Sharif reiterated that a conducive environment for businesses and investors is essential for national industrial progress. He affirmed that the country's economy is stable and on a path of sustained growth, and that industrial expansion will lead to increased exports and job creation.

On the recommendation of the Ministry of National Food Security and Research, the Cabinet also reviewed proposals concerning the stabilization of urea fertilizer prices.

The Prime Minister emphasized that lowering production costs for farmers is crucial to boosting agricultural output.

To address this issue, 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, Prime Minister's Advisor Muhammad Ali, and Special Assistant for Industry Haroon Akhtar.