Finance Minister Muhammad Aurangzeb on Wednesday chaired a meeting of the committee tasked with overseeing the closure and privatization of the Utility Stores Corporation, affirming that all operations will cease by July 31.
Constituted by Prime Minister Shehbaz Sharif, the committee aims to ensure a smooth and transparent closure process, formulating a suitable voluntary separation scheme for employees, and recommending a structured timeline for privatization.
Reviewing progress on tasks assigned to it, the committee held detailed deliberations on the path forward. It particularly debated the formulation of a fair and financially viable Voluntary Separation Scheme for all Utility Stores Corporation employees.
During the meeting, participants examined various dimensions of the proposed separation scheme, including its projected size, potential fiscal impact, and legal and operational implications associated with its structure and rollout. The committee recommended consulting the Privatization Commission regarding the optimal structuring and feasibility of privatization or alternatively asset sales linked with operations of the Utility Stores Corporation.
To facilitate a comprehensive analysis, the finance minister constituted a subcommittee headed by the Establishment Division secretary and comprising representatives of the Finance Division and the Industries and Production Division to examine the legal and operational aspects, contours, size, and structure of the proposed separation scheme. The subcommittee has been directed to submit its report to the main committee by the end of the week to enable a consolidation of findings and finalize its report and recommendations for submission to the prime minister in line with the Terms of Reference.