ECC okays import of more wheat

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved 4.5 MMT (million metric tonnes) of wheat import, depending upon the demand of the PASSCO and provincial governments to build up strategic reserves and to stabilise wheat prices in the country.

The approval was given in a meeting chaired by Federal Minister for Finance and Revenue Mr. Miftah Ismail on Monday.

Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Planning, Development and Special Initiatives Mr. Ahsan Iqbal Chaudhary, Federal Minister for Industries & Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Minister of State for Petroleum Mr. Musadik Masood Malik, Federal secretaries and senior officers attended the meeting.

Ministry of National Food Security tabled a summary for procurement of additional quantity of wheat for PASSCO and Punjab Food Department with cash credit limits to build up strategic reserves and to stabilize local wheat market.

PASSCO and Punjab have met their wheat procurement targets of 1.20 MMT and 3.5 MMT respectively on 30-04-2022.

The meeting allowed PASSCO to procure an additional quantity of 0.50 MMT with the CCL of Rs. 28.50 billion and permitted Punjab Food Department to procure additional quantity of 1.00 MMT with the CCL of Rs. 145.50 billion in the wake of low production of wheat in the country due to previous government’s failure to provide fertilizers to the growers on time.

Further, the ECC also allowed the Sindh government to procure an additional quantity of wheat, once it meets the current procurement target.

The ECC considering the current world scenario, its effects on the world economy and demand-supply situation of wheat in the country, approved 3.00 MMT of wheat import on a need basis.

The finance minister further directed the concerned authorities to frame modalities for financing and procurement.

Furthermore, the Ministry of Industries and Production submitted a summary on revision of the prices of flour and sugar under the Ramzan Relief Package-2022.

In order to provide continuous relief to the lower strata of the society from global inflationary pressure, the ECC granted approval to revise prices of flour and sugar from Rs950/20 kg to Rs800/20 Kg,Rs. 85/kg to Rs. 70/kg respectively.