Islamabad: A meeting to assess the progress on the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and the Utility Stores Corporation (USC) was convened in Islamabad, chaired by Finance Minister Muhammad Aurangzeb. According to Radio Pakistan, the meeting highlighted significant advancements in employee payments and the settlement of verified liabilities for the USC, with established audit and verification procedures in place.

The discussion also covered the status of stocks from the closed USC stores. It was reported that large quantities of branded and other food items have been returned or disposed of, while the remaining inventory is being processed through established mechanisms. The meeting reviewed the progress on auctioning racks and other movable assets, including IT equipment and vehicles, with ongoing audits and verifications aimed at facilitating their disposal or transfer.

Finance Minister Aurangzeb acknowledged the ongoing litigation involving the USC and commended efforts to manage and resolve these legal challenges. He stressed the necessity of addressing legal, financial, and administrative requirements alongside the closure process. The progress on the closure of PASSCO was also reviewed, focusing on the status of stocks and the necessary arrangements for completing the remaining work.

The committee discussed the handling of stocks across different provinces, noting that arrangements are underway for their transfer, considering respective requirements and circumstances. The Finance Minister underscored the importance of close coordination with provincial authorities to ensure these matters do not impede the overall closure process.