- Advertisement -
ISLAMABAD, Jul 16 (APP):Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here on Wednesday chaired a high-level meeting of the Committee constituted by the Prime Minister to oversee the closure and privatization of the Utility Stores Corporation (USC).
The Committee has been tasked with ensuring a smooth and transparent closure process, formulating a suitable VSS for USC employees, and recommending a structured timeline for privatization.
Special Assistant to the Prime Minister on Industries & Production, Haroon Akhtar Khan; Secretaries Establishment, Finance, Industries & Production, Managing Director of USC and senior officers from the Finance and Revenue Division attended the meeting today.
During the meeting, the committee led by the finance minister reviewed the progress made in the light of the tasks assigned to it and held detailed deliberations on the way forward. It was reaffirmed that, in accordance with the government’s directives, all operations of USC will be closed by 31st July 2025.
The committee discussed at length the formulation of a fair and financially viable Voluntary Separation Scheme (VSS) for the USC employees.
During the course of the meeting, the members examined various dimensions of the proposed VSS, including its projected size, potential fiscal impact, and legal and operational implications associated with its structure and rollout.
The committee recommended that the Privatization Commission be consulted regarding the optimal structuring and feasibility of privatization or alternatively asset sales linked with the USC operations.
To facilitate a comprehensive analysis, the chair constituted a sub-committee headed by the Secretary Establishment Division.
The committee will include representatives from the Finance Division and the Industries & Production Division to examine the legal and operational aspects, contours, size, and structure of the proposed VSS and submit its report to the main Committee by the end of the week.
This will enable the committee to consolidate its findings and finalize its report and recommendations to be submitted to the Prime Minister in line with the Terms of Reference.