Govt considering importing cheaper wheat from Russia

The Economic Coordination Committee (ECC) on Friday decided to buy wheat from Russia if they agree to the price of $390 per tonne, ARY News reported.

The ECC session led by Finance Minister Miftah Ismail decided to import wheat from Russia if they agree upon a price of $399.50 per tonne.

Ministry of National Food Security and Research submitted a summary on the supply of milling wheat from Russia on government-to-government (G2G) basis.

The PM had formed a committee led by Special Assistant to the Prime Minister on Foreign Affairs Tariq Fatemi to negotiate with the Russian Embassy over the import of wheat.

The Russian delegation, in their meeting with the Minister for Commerce, offered a reduced price of $405 per tonne which was later dropped to $400 per tonne.

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The Ministry of National Food Security & Research on the recommendations of the Ministry of Commerce proposed a price of $399.50 per tonne for the supply of 120,000 tonnes +/- 5 percent MOLSO of milling wheat through G2G arrangements for the consideration of the ECC of the Cabinet.