Pakistan, July 8 -- 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.

Read More: Amid economic crunch, govt unveils 'austerity measures'

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 fina...