Aurangzeb reviews progress on closure of PASSCO, USC

Finance Minister Muhammad Aurangzeb highlighted the significance of close coordination with provincial authorities to prevent delays in the closure process of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC). On Monday, the Federal Minister for Finance and Revenue chaired a meeting to assess progress in the closure of these organizations and identify remaining tasks.

A detailed presentation was made on the current state of USC closure, covering employee severance payments, vendor liabilities, stock disposal, and asset management. Substantial progress had been made in employee payments and verified liability settlements, with proper identification and verification processes in place. Similarly, significant strides were observed in settling vendor claims.

The meeting also addressed the management of USC stocks, with a notable portion of food items returned or disposed of, while the remaining stock was undergoing prescribed processes. Auctions of racks and movable assets were also reviewed, with IT equipment and vehicles currently under audit for disposal or transfer. The Finance Minister acknowledged ongoing litigation involving USC and stressed the importance of addressing legal, financial, and administrative requirements concurrently with the closure process.

He emphasized the need for close collaboration with provincial authorities to prevent delays. Senator Aurangzeb underscored the importance of maintaining momentum and completing the remaining work in a coordinated manner, ensuring transparency and safeguarding public resources. The meeting included representatives from the Ministry of National Food Security & Research, Ministry of Industries and Production, PASSCO, USC, and senior officials from relevant ministries and divisions.