Govt pushes to complete PASSCO, USC closure process

September 08, 2026 (MLN): The government has made substantial progress on the closure process of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and the Utility Stores Corporation (USC), including implementation of the approved employee severance package, settlement of verified vendor liabilities, disposal and return of stocks, and management of assets and properties, with necessary audit and verification mechanisms, including biometric verification, in place.

The progress was reviewed at a meeting chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb to assess remaining measures required to complete the closure process.

It was attended by the Federal Secretary, Ministry of National Food Security & Research; the Federal Secretary, Ministry of Industries and Production; representatives of PASSCO and USC; along with senior officials from the relevant ministries and divisions, said a press release issued.

Considerable progress was also made in settling vendor liabilities, with verified claims processed and payments made.

On the status of USC stocks, the meeting was informed that significant quantities of branded and other food items had already been returned or disposed of, while the remaining stock was being processed through prescribed mechanisms.

Progress on the auction of racks and other movable assets was also reviewed, with audit and verification of IT equipment and vehicles underway to facilitate their disposal or transfer.

On USC properties, the meeting discussed the need for appropriate arrangements to facilitate disposal or transfer of these assets.

The finance minister also took note of ongoing litigation involving USC, appreciating the efforts being made to manage and resolve the cases, and emphasized that legal, financial and administrative requirements should be addressed alongside the closure process.

On PASSCO, the meeting reviewed progress on the status of stocks and arrangements required for completion of the remaining work.

The Committee discussed the handling of stocks held in different provinces, noting that arrangements were being pursued for their transfer keeping in view respective requirements and circumstances.

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

Senator Aurangzeb emphasized the importance of maintaining momentum and ensuring the remaining work is completed in a coordinated manner, with clear responsibilities and practical timelines, adding that the objective should be to bring the closure process to a logical conclusion while safeguarding public resources and ensuring transparency at every stage.

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