Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a meeting to review progress on the closure of the Pakistan Agricultural Storage and Services Corporation (Passco) and Utility Stores Corporation (USC), and to assess the remaining measures required to complete the process. The meeting was given a detailed presentation on progress to date on the USC closure process, including implementation of the approved employee severance package, settlement of verified vendor liabilities, disposal and return of stocks, and management of assets and properties.

It was noted that substantial progress had been made in employee payments and the settlement of verified liabilities, with the necessary audit and verification mechanisms in place. The meeting was also briefed on measures taken to ensure proper identification and verification, including biometric verification and supporting documentation. Considerable progress had also been made in settling vendor liabilities. The meeting was informed that verified claims had been processed and payments made.

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 under way to facilitate their disposal or transfer. The status of USC properties and related matters was also considered, along with appropriate arrangements to facilitate the disposal or transfer of these assets.

Aurangzeb took note of the ongoing litigation involving USC and appreciated the efforts being made to manage and resolve the cases. He emphasised that 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 were being pursued for their transfer, keeping in view respective requirements and circumstances.

Aurangzeb stressed the importance of close coordination with provincial authorities to ensure that these matters did not delay the overall closure process. He underscored the importance of maintaining momentum and ensuring that the remaining work was completed in a coordinated manner, with clear responsibilities and practical timelines. He emphasised that the objective should be to bring the closure process to a logical conclusion while safeguarding public resources and ensuring transparency at every stage. The meeting was attended by the Federal Secretary for National Food Security and Research, the Federal Secretary for Industries and Production, representatives of Passco and USC, and senior officials from relevant ministries and divisions.