Finance Minister Muhammad Aurangzeb stresses timely completion, transparency and protection of public resources
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a meeting on Monday to review progress on the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC).
The meeting focused on assessing work already completed and identifying the remaining administrative, financial and legal measures needed to conclude the closure process. Senior officials presented an update on the progress made regarding USC and PASSCO.
Regarding USC, the meeting reviewed implementation of the approved employee severance package, settlement of verified liabilities owed to vendors, disposal and return of stocks, and management of the corporation’s assets and properties.
Officials informed the meeting that substantial progress had been achieved in processing employee payments and settling verified liabilities. Audit and verification mechanisms have also been established to ensure that payments are made only against properly verified claims. Biometric verification and supporting documentation are being used to strengthen the process.
Significant progress was also reported in clearing vendor liabilities. Verified claims have been processed and payments made, while remaining cases are being dealt with under the prescribed procedures.
The meeting also examined the status of stocks left after the closure of USC stores. Large quantities of branded and other food products have already been returned or disposed of, while the remaining inventory is undergoing processing according to approved mechanisms.
Officials further briefed the finance minister on the auction of racks and other movable assets. The status of IT equipment and vehicles was also reviewed, with audit and verification underway before their disposal or transfer.
The meeting considered matters concerning USC properties and arrangements for their appropriate disposal or transfer. Senator Aurangzeb also reviewed ongoing litigation involving the corporation and directed that legal, financial and administrative requirements be addressed simultaneously.
The PASSCO closure process was also discussed, particularly the management and transfer of stocks located in different provinces. The meeting noted that arrangements were being developed in consultation with provincial authorities to facilitate the transfer of stocks according to regional requirements.
Senator Aurangzeb emphasized close coordination among federal and provincial stakeholders to prevent delays. He directed officials to maintain momentum, establish clear responsibilities and follow practical timelines to bring the closure process to its logical conclusion.
The minister stressed that transparency and proper safeguards must remain central to the process, while ensuring that public resources are protected.
The meeting was attended by federal secretaries, representatives of PASSCO and USC, and senior officials from relevant ministries and divisions.