Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has reviewed progress on the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC), stressing the importance of close coordination with provincial authorities to prevent outstanding matters from delaying the overall closure process.
Senator Muhammad Aurangzeb chaired a meeting to assess the progress made on the closure of both organisations and review the remaining measures required to complete the process. The meeting examined financial, administrative, legal and operational matters associated with winding down the two government entities, with a focus on completing pending work while protecting public resources and maintaining transparency.
During the meeting, officials presented a detailed update on the USC closure process. The briefing covered several areas, including implementation of the approved employee severance package, settlement of verified vendor liabilities, disposal and return of stocks, and management of USC assets and properties. Officials informed the meeting that substantial progress had been made in payments to employees and settlement of verified liabilities.
The meeting was also informed that audit and verification mechanisms had been established to support the closure process. Measures including biometric verification and supporting documentation were being used to ensure proper identification and verification of relevant claims. These steps are intended to ensure that payments and other closure-related transactions are processed according to the required procedures.
Considerable progress was also reported in settling vendor liabilities. Verified claims had been processed and payments had been made, while the status of stocks remaining after the closure of USC stores was also reviewed. Significant quantities of branded and other food products had already been returned or disposed of, while the remaining stock is being processed through prescribed mechanisms.
The meeting also reviewed the auction of racks and other movable assets belonging to USC. Officials provided updates on IT equipment and vehicles, with audit and verification activities underway to determine the appropriate arrangements for their disposal or transfer. The Finance Minister also considered the status of USC properties and the arrangements required to facilitate their disposal or transfer.
Legal matters involving USC were also discussed. Senator Muhammad Aurangzeb took note of ongoing litigation and appreciated the efforts being made to manage and resolve the cases. He stressed that legal, financial and administrative requirements should be addressed alongside the wider closure process so that outstanding matters do not create unnecessary delays.
Progress on the PASSCO closure was subsequently reviewed, including the status of stocks and arrangements needed to complete the remaining work. Particular attention was given to stocks held across different provinces. The meeting discussed arrangements for their transfer while taking into account the requirements and circumstances of the respective provinces.
Senator Muhammad Aurangzeb emphasised that close coordination with provincial authorities would be essential to ensure that matters related to PASSCO stocks do not delay the overall closure process. He directed the relevant authorities to maintain coordination and continue working toward completion of the outstanding requirements.
The Finance Minister stressed the importance of maintaining momentum and completing the remaining work through coordinated action, clear responsibilities and practical timelines. He said the objective should be to complete the closure process in an orderly manner while safeguarding public resources and ensuring transparency throughout the process.
The meeting was attended by the Federal Secretary of the Ministry of National Food Security and Research, the Federal Secretary of the Ministry of Industries and Production, representatives of PASSCO and USC, and senior officials from relevant ministries and divisions. The review reflects the government’s continued focus on completing the closure of both organisations and resolving their remaining financial, operational, legal and administrative matters.
Follow the PakBanker Whatsapp Channel for updates across Pakistan’s banking ecosystem.