Federal Minister for Finance Senator Muhammad Aurangzeb chaired a high-level meeting on Wednesday to review progress on the closure and privatization of the Utility Stores Corporation (USC), as directed by the Prime Minister.

The committee, formed to oversee the process, is responsible for ensuring a smooth and transparent closure, developing a fair Voluntary Separation Scheme (VSS) for USC employees, and recommending a structured timeline for privatization.

During the meeting, the committee assessed the progress made so far and held in-depth discussions on the next steps. It was reaffirmed that all USC operations will cease by July 31, 2025, in line with government directives.

A major focus of the meeting was the formulation of a financially viable and equitable VSS for USC employees. Members examined the proposed scheme’s size, fiscal impact, and the legal and operational challenges associated with its implementation.

The committee also recommended consulting the Privatization Commission to determine the best approach for privatization or, alternatively, asset sales related to USC operations.

To ensure a thorough analysis, a sub-committee headed by the Secretary Establishment Division was formed. This sub-committee, which includes representatives from the Finance Division and the Industries & Production Division, will examine the legal and operational aspects, size, and structure of the proposed VSS. It is expected to submit its report to the main committee by the end of the week.

The findings will help the committee finalize its recommendations, which will be submitted to the Prime Minister in accordance with the Terms of Reference.

The meeting was attended by Special Assistant to the Prime Minister on Industries & Production Haroon Akhtar Khan, secretaries from the Establishment, Finance, and Industries & Production Divisions, the Managing Director of USC, and senior officials from the Finance and Revenue Division.