All operations of Utility Stores Corporation will be closed by July 31

A high-level meeting of the committee constituted by the Prime Minister to oversee closure and privatization of the Utility Stores Corporation has reaffirmed that all operations of Utility Stores Corporation will be closed by 31st of this month in accordance with the government's directives.

The meeting of the committee was held in Islamabad today with Minister for Finance and Revenue, Senator Muhammad Aurangzeb, in the chair.

The Committee has been tasked with ensuring a smooth and transparent closure process, formulating a suitable Voluntary Separation Scheme for Utility Stores employees, and recommending a structured timeline for privatization.

The Committee reviewed the progress made in the light of the tasks assigned to it and held detailed deliberations on the way forward.

The committee discussed at length the formulation of a fair and financially viable Voluntary Separation Scheme for the Utility Stores employees.

The members of the committee examined various dimensions of the proposed Voluntary Separation Scheme, 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 Utility Stores operations.

The chair constituted a sub-committee headed by the Secretary Establishment Division to facilitate a comprehensive analysis.

The sub-committee will examine the legal and operational aspects, contours, size, and structure of the proposed Voluntary Separation Scheme and submit its report to the main committee by the end of the week.

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