ISLAMABAD: The federal cabinet has announced its decision to shut down the Utility Stores Corporation (USC), Pakistan’s state-owned retail chain, signaling a major shift in the government’s strategy for managing state enterprises.
To oversee the closure process, a seven-member “Cabinet Committee on the Closure of Operations of Utility Stores Corporation” has been formed, chaired by the Federal Minister for Industry and Production.
The committee comprises prominent officials, including the Minister of State for Finance and Revenue, the Minister of State for Information Technology, the Federal Secretary of Finance, the Secretary of Privatization, the Secretary of Benazir Income Support Programme, and the Secretary of Industry and Production.
A notification issued by the Cabinet Division on Tuesday outlined the committee’s Terms of Reference (ToRs), which include determining the modalities for the immediate closure of USC operations. The committee has been instructed to present a detailed report on the process to the cabinet within seven days.
According to the notification, the committee will facilitate arrangements for transferring USC’s permanent employees to the surplus pool or placing them in vacant positions within other federal government organizations.
Additionally, it will oversee the safekeeping and maintenance of USC’s assets and properties until they are privatized.
