Aurangzeb reviews progress on closure of PASSCO, USC

Finance Minister Muhammad Aurangzeb chaired a meeting on Monday that reviewed progress in closing Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC), according to Business Recorder. He asked for close coordination with provincial authorities so that pending matters would not slow the wider shutdown of both bodies. The session also assessed the steps still needed to complete the process.

On the USC side, the briefing covered the approved employee severance package, verified vendor claims that have now been processed and paid, and the handling of stock, with much of the branded foodstuff already returned or disposed of. Auctions of racks and movable assets were reviewed, while audits of IT equipment and vehicles are under way ahead of their disposal or transfer. Properties and ongoing litigation were also discussed, and the minister urged that legal, financial and administrative needs be handled alongside the closure.

For PASSCO, the discussion centred on stocks held in different provinces, with arrangements being pursued for their transfer according to each region's requirements. Aurangzeb called for clear responsibilities and practical timelines, while safeguarding public resources and transparency at every stage. Federal secretaries from the food security and industries ministries joined officials from both corporations at the session.