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.

Regarding the Utility Stores Corporation, the meeting was briefed that substantial progress has been made in employee payments and settlement of verified liabilities, with the necessary audit and verification mechanisms in place.

The status of USC stocks following the closure of the stores was also discussed, with significant quantities of branded and other food items already 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 also reviewed. The status of IT equipment and vehicles was discussed, with audit and verification underway to facilitate their disposal or transfer.

The Finance Minister also took note of the ongoing litigation involving USC and appreciated 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 Committee discussed the handling of stocks held in different provinces, and it was noted that arrangements are being pursued for their transfer, keeping in view the respective requirements and circumstances.

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