Islamabad: Economic Coordination Committee (ECC) of the Cabinet has approved a technical supplementary grant of 30.216 billion rupees to ensure the smooth closure of the Utility Stores Corporation (USC) of Pakistan.
The meeting was chaired by Finance Minister Muhammad Aurangzeb in Islamabad today.
The approved financial package underscores the Government’s commitment to protecting employees’ welfare while ensuring fiscal discipline in the winding down of USC’s operations.
The meeting decided that the Ministry of Industries & Production shall further rationalize the financial requirements for the closure of USC.
It was further decided that the assets of USC, including properties, shall be disposed of within the current financial year so that the costs of closure are partially met through sale proceeds.
