ECC okays procurement of 1.8m tonnes of wheat through PASSCO

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet approved an additional amount of Rs 41.5 billion to procure wheat through the Pakistan Agricultural Storage and Services Corporation (PASSCO), ARY News reported.

According to the details, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb presided over the meeting that reviewed and approved a number of proposals from various Government Ministries and Divisions.

The ECC okayed the approval to increase the wheat procurement target for PASSCO from 1.4 million matric tonnes (MMT) to 1.8 MMT along with the additional amount of Rs 41.5 billion.

The approval would help PASCCO scale up its ongoing wheat procurement drive. The ECC also approved the proposal for the import of 200,000 MTs of Urea fertiliser to meet the requirements for Kharif 2024 as proposed by the Ministry of Industries and Production.

The meeting was attended by the Minister for Commerce Mr. Jam Kamal Khan, Minister for Petroleum Mr. Musadik Masood Malik, Minister for Privatization Mr. Abdul Aleem Khan, Minister for Industries & Production Rana Tanveer Hussain, Chairman SECP, Dy Chairman Planning Commission, Federal Secretaries, and other senior government officials of the relevant ministries.

Minister for Economic Affairs Mr. Ahad Khan Cheema and MD PASSCO attended the meeting online.

The ECC also gave the go-ahead to the Ministry of Industries and Production’s request for the disbursement of salaries of PSM workers and directed it to present a detailed plan for the future use of the asset along with timelines.

The committee also allowed the Power Division’s request for the release of budgeted expenditures to clear the arrears of tariff differential subsidy Rs. 70 billion for KE and Rs 55 billion for AJK.

The ECC considered a summary to authorise BISP to arrange funds from its allocated budget for financing the Special Relief Package for Daily Wage Workers on the Chaman Border, highlighting government support for the vulnerable group.

Besides, the ECC also considered and approved proposals for technical supplementary grants, including Rs. 4.8 billion for the Pakistan Atomic Energy Commission; Rs. 5.8 billion for the Earthquake Reconstruction & Rehabilitation Authority; Rs. 3.2 billion to Finance Division; Rs. 162 million for the Ministry of Housing & Works; and Rs. 2.2 billion for the Ministry of Interior for the FATA TDP-ERP Project.