Finance Minister Reviews Progress on Closure of PASSCO and USC
ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 7th Sep, 2026)
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 assess remaining measures.
Key Takeaways:
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USC Closure:
- Substantial progress made in employee severance payments and vendor liability settlements.
- Biometric verification and documentation used for identification.
- Significant food items returned or disposed of; remaining stock processed through prescribed mechanisms.
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Asset Disposal:
- Progress reviewed on auctioning racks and movable assets.
- IT equipment and vehicles under audit and verification for disposal or transfer.
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USC Properties: Discussion on arrangements for disposition or transfer of properties considered.
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PASSCO Closure:
- Meeting discussed handling of stocks across provinces and required transfers.
- Emphasis placed on close coordination with provincial authorities to expedite the process.
Senator Muhammad Aurangzeb underscored the need for continued momentum, clear responsibilities, and practical timelines to complete the closure process successfully.
