Aurangzeb Reviews Progress on Closure of PASSCO and USC

Islamabad: A meeting to review progress on the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC) was held in Islamabad today with Finance Minister Muhammad Aurangzeb in the chair.

According to Radio Pakistan, the meeting addressed various aspects of the USC closure. It was reported that significant progress has been made in employee payments and settlement of verified liabilities, with the necessary audit and verification mechanisms in place.

The meeting also discussed the status of USC stocks following the closure of the stores. Significant quantities of branded and other food items have already been returned or disposed of, while the remaining stock is being processed through the prescribed mechanisms.

Progress on the auction of racks and other movable assets was another focal point of the discussion. The status of IT equipment and vehicles was reviewed, with audit and verification underway to facilitate their disposal or transfer.

The Finance Minister took note of the ongoing litigation involving USC and acknowledged the efforts being made to manage and resolve the cases. He emphasized that the legal, financial, and administrative requirements should be addressed alongside the closure process.

The meeting further reviewed progress on the PASSCO closure process, including the status of stocks and arrangements required for completion of the remaining work. The handling of stocks held in different provinces was discussed, and it was noted that arrangements are being pursued for their transfer, considering the respective requirements and circumstances.

The Finance Minister underscored the importance of close coordination with the provincial authorities to ensure that these matters do not delay the overall closure process.