ECC approves minimum support price of wheat, subsidy on Kharif crop

ISLAMABAD: The Economic Coordination Committee (ECC) has approved the revision of the minimum support price of wheat crops from 1950 to 2,200 per 40 kilograms.

The ECC met in Islamabad today with Finance Minister Shaukat Tarin in the chair.

It approved the wheat procurement target for Punjab to the tune of 4.00 MMT with a Cash Credit Limit of 220.00 billion rupees while Khyber Pakhtunkhwa (KP) was allowed to procure 0.20 MMT from Punjab Food Department with their own financial arrangements, Radio Pakistan reported.

The committee also approved the wheat procurement target of Sindh to the level of 1.40 MMT, along with a Cash Credit Limit of 77.00 billion rupees and Baluchistan of 0.10 MMT with 6.20 billion rupees of the cash credit limit.

The committee also approved the proposal of subsidy disbursement to the farmers on Kharif crops during 2021 on fertilizer, cottonseed and Whitefly-related pesticides till June 30 this year.

The forum also approved subsidy disbursement in Kharif season this year amounting to 24.26 billion rupees through provinces using their existing mechanism on an equal sharing basis for Phosphatic Fertilizers along with direction to strengthen the tracking system.

The committee also approved a supplementary grant worth 50 billion rupees to the power division and 4.5 billion for the Ministry of Commerce for the export development fund.