ISLAMABAD – The federal government is set to close the Utility Stores Corporation (USC) by July 31, 2025, as part of a broader privatisation plan, according to a statement released on Wednesday. The decision was discussed during a high-level meeting of a committee formed by Prime Minister Shehbaz Sharif to oversee the closure and privatisation of USC. The meeting was chaired by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division.
The committee has been tasked with ensuring a smooth and transparent closure process, formulating a Voluntary Separation Scheme (VSS) for USC employees, and establishing a structured timeline for the privatisation. The committee reviewed the progress made in these areas, focusing on the details of the proposed VSS and its financial and legal implications.
It was reiterated during the meeting that USC operations will cease by July 31, 2025. The committee also recommended consulting the Privatisation Commission on the optimal structuring and feasibility of privatisation or asset sales associated with USC operations.
A subcommittee, led by the Secretary of the Establishment Division, was formed to examine the legal, operational, and fiscal aspects of the VSS. The subcommittee will submit its findings to the main committee by the end of the week, allowing for the finalisation of recommendations to be submitted to the Prime Minister.
