USC incurred Rs14m loss per day before procurement was stopped’

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USC incurred Rs14m loss per day before procurement was stopped’

ISLAMABAD: National Assembly was informed on Tuesday that the Utility Store Corporation (USC) was facing a loss of Rs14 million per day before the procurement was stopped.

As per the written reply of the Ministry for Industries and Production, all USC stores across the country are running into losses. “The corporation has to pay an amount of Rs8.303 billion to private vendors and Rs26.991 billion to the Trading Corporation of Pakistan,” the letter read.

The NA was further told that against the total liability of Rs35.294 billion, USC has receivables of Rs21.251 billion from the Finance Division for payments to TCP and an inventory of only Rs3.839 billion as on quarter ending September 2018, which also included damaged and expired stock worth Rs313.82 million.

“In order to take stock of the existing situation, procurement of stocks/stores has been stopped in order to conduct complete audit of USC and ascertain the extent of losses and reasons thereof for taking necessary steps to arrest this decline and make the USC an active and vibrant organization to stabilize prices of essential commodities in the market,” the letter added.