Federal Minister for Finance Senator Muhammad Aurangzeb 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.
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 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.
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.
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It seems govt has planned to close all institutions which provide relief to awam
The concept of Utility Stores, BISP, Sehat Card, Langar Khana, Shelter houses, was faulty in the first instance and these shenigan ventures induced heavy losses on the exchequer from day one. Various govts announced it’s closure from time to time but could not do it. Thanks to the IMF which has now ensured that it takes effect
You can’t have loses when you have govt depts. By that logic why don’t we privatize military. They don’t earn us any profit but take most of our budget.
Utility stores provided poor people with lower prices and ability to buy food.
Take my challenge
You don’t know how economics of a country work do you ?
Govt is not a profit making entity. Govt collects taxes and funds depts
Police doesn’t earn profits
Nadra doesn’t earn profits
Civil servants don’t earn profit
Military DEFINITELY doesn’t earn profit
Irrigation doesn’t earn profit
When your budget is announced, it is not in profit.
All funded by taxes. The fact that poor distance programs are being shut down shows that pakistan is now going to face issues.
The poor don’t stay silent for very long.
You don’t know how economics of a country work do you ?
Govt is not a profit making entity. Govt collects taxes and funds depts
Police doesn’t earn profits
Nadra doesn’t earn profits
Civil servants don’t earn profit
Military doesn’t earn profit
Irrigation doesn’t earn profit
When your budget is announced, it is not in profit.
All funded by taxes.
Anther nail in the coffin of this country. Taxes are rising but govt is privatizing depts funded by taxes.
So what’s the point of increasing taxes ?.