Islamabad: The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a meeting to evaluate the progress of closing the Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC). The meeting focused on assessing the measures required to finalize the closure process.

According to Press Information Department, the meeting included a detailed presentation on the progress of the USC closure, covering the implementation of employee severance packages, settlement of verified vendor liabilities, disposal and return of stocks, and management of assets and properties. Notable progress has been made in employee payments and settlement of verified liabilities, supported by audit and verification mechanisms. Measures for proper identification and verification, such as biometric checks, were also reviewed.

The meeting reported considerable progress in settling vendor liabilities, with verified claims processed and payments made. The status of USC stocks post-closure was discussed, noting significant quantities of food items already returned or disposed of, with remaining stock undergoing processing. The auction of racks and other movable assets was reviewed, along with discussions on IT equipment and vehicle management.

The status of USC properties was considered, with discussions on arrangements for their disposal or transfer. The Finance Minister acknowledged ongoing litigation involving USC and highlighted the efforts to manage and resolve these cases. He emphasized addressing legal, financial, and administrative requirements alongside the closure process.

Further, the meeting reviewed the PASSCO closure progress, including stock status and necessary arrangements. Discussions focused on handling stocks in different provinces, with efforts to ensure their transfer without delaying the closure process. Senator Muhammad Aurangzeb stressed maintaining momentum and completing the remaining tasks in a coordinated manner, underscoring the importance of safeguarding public resources and ensuring transparency.

The meeting was attended by federal secretaries from relevant ministries, representatives from PASSCO and USC, and senior officials from various divisions.