ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved a technical supplementary grant of Rs. 30.216 billion to ensure the smooth closure of the Utility Stores Corporation (USC) of Pakistan.
The meeting of the cabinet committee was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, according to press release issued by finance ministry.
The decision represents a major step in responsibly addressing the longstanding financial burden of USC on the national exchequer, while also safeguarding the interests of employees affected by the closure.
By approving severance, compensation and payment of outstanding dues, the government is ensuring that workers receive their entitlements, thereby cushioning the social and economic impact of USC’s winding up.
The ECC of the Cabinet also decided that the Ministry of Industries & Production shall further rationalize the financial requirements for the closure of USC. It was further decided that the assets of USC, including properties, shall be disposed of within the current financial year so that the costs of closure are partially met through sale proceeds.
The Cabinet body also underlined the importance of carrying out the closure in an orderly and transparent manner, including the disposal of USC properties to partially meet liabilities. The approved financial package underscores the government’s commitment to protecting employees’ welfare while ensuring fiscal discipline in the winding down of USC’s operations.
The meeting was attended by Federal Minister for National Food Security and Research, Rana Tanveer Hussain; Federal Minister for Commerce, Jam Kamal Khan; Federal Minister for Power, Sardar Awais Ahmad Khan Leghari (virtually); Special Assistant to Prime Minister for Industries and Production, Haroon Akhtar Khan, federal secretaries and senior officials from concerned ministries, departments and regulatory institutions.
