ISLAMABAD – The federal government on Wednesday started the preparations to shut down the operations of the Utility Stores Corporation (USC) and take its assets and properties into protective custody.
The sources said that the federal cabinet formed a committee to oversee the closure of USC operations. The Federal Minister for Industries and Production would head the seven-member committee, which would also include the Minister of State for Finance and the Minister of State for IT as members.
Additionally, the Federal Secretary for Finance and the Secretary for Industries and Production will be part of the committee. Other members include the Secretary for Privatization and the Secretary of the Benazir Income Support Program (BISP).
The sources said that the cabinet finalized the Terms of Reference (TORs) for the committee, which would devise a procedure for the immediate shutdown of Utility Stores Corporation operations.
The committee would also determine the measures for securing, maintaining, and managing USC’s properties and assets. Moreover, it would review arrangements for transferring surplus employees to a government surplus pool.
Additionally, the committee would assess the possibility of absorbing the USC employees into other government departments.
The sources said that a coordination strategy would be formulated with BISP for the distribution of the Ramzan package.
The Ministry of Industries and Production would provide secretarial support to the committee, which is required to submit its report to the federal cabinet within seven days.
