Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb reviewed progress on the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC), directing authorities to speed up the remaining work and complete it within clear timelines.
The meeting reviewed the USC closure process, including payments to employees, settlement of verified vendor claims, disposal and return of remaining stocks, and the management of USC assets and properties.
Officials said significant progress had been made in paying employees and settling verified liabilities. Audit and verification systems, along with biometric checks and supporting documents, were being used to ensure payments were made to the right people.
Progress was also reported on vendor payments, with verified claims being processed and cleared.
The meeting discussed the food and other stocks left after USC stores were closed. A large quantity of branded and other food products had already been returned or disposed of, while the remaining stock was being handled under the required procedures.
Officials also briefed the finance minister on the disposal of USC’s movable assets, including store racks, IT equipment and vehicles. The auction of racks and other assets was reviewed, while verification of IT equipment and vehicles was in progress before their disposal or transfer.
The meeting also reviewed USC properties and the steps required for their disposal or transfer. Senator Aurangzeb was briefed on ongoing court cases involving USC and directed officials to address legal, financial and administrative issues as part of the closure process.
The meeting separately reviewed the closure of PASSCO, including its remaining stocks and arrangements for completing pending work. The handling of stocks stored in different provinces was discussed, with plans being made to transfer them according to provincial needs.
Senator Aurangzeb stressed the need for close coordination with provincial governments so that stock-related issues do not delay the closure of PASSCO.
The finance minister directed all relevant authorities to work in a coordinated manner, with clear responsibilities and practical deadlines. He said the closure process should be completed properly while protecting public resources and ensuring transparency.
The meeting was attended by the federal secretaries of the Ministry of National Food Security and Research and the Ministry of Industries and Production, representatives of PASSCO and USC, and senior officials from the relevant ministries and divisions.
