ISLAMABAD: The 1.80 million metric tons (MMT) of wheat to be purchased by Pakistan Agricultural Storage & Services Corporation (PASSCO) at a price of Rs. 3,900 per 40 kilograms was approved by the Economic Coordination Committee (ECC) of the cabinet on Wednesday.
Senator Mohammad Ishaq Dar, the federal minister of finance and revenue, presided over the ECC, according to a press release from the ministry of finance. The Ministry of National Food Security and Research provided information on the public wheat stocks, the anticipated release of wheat from PASSCO’s stocks, and carryover stocks at the beginning of the new food year on January 4, 2023. The summary on the determination of PASSCO’s wheat procurement targets for the year 2023 was also provided.
Considering the situation, additional demand of wheat from PASSCO’s stocks by Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan, minimum level of carry forward stocks and prevailing pricing trend in the local wheat market, the ECC approved the recommendation of the ministry to assign wheat procurement target of 1.80 MMT at procurement price of Rs. 3,900/40kg.
Further, the ECC directed the ministry to form a committee to review the proper wheat usage, and wheat storage mechanism/Silos in the country and present its findings to the ECC in 15 days.
The ECC also considered a summary of the Ministry of Inter Provincial Coordination and granted a Technical Supplementary Grant of Rs. 10 million for the medical treatment of Jan Sher Khan, Ex-world Squash Champion, diagnosed with multiple health issues.
Among others, the meeting was attended by Federal Minister for Power, Khurram Dastgir Khan; Federal Minister for Industries and Production, Syed Murtaza Mahmud; Federal Minister for Commerce, Syed Naveed Qamar; Minister of State for Petroleum, Musadik Masood Malik; Shahid Khaqan Abbasi MNA/Ex-PM; SAPM on Finance, Tariq Bajwa; SAPM on Revenue, Tariq Mehmood Pasha; SAPM on Government Effectiveness, Dr Muhammad Jehanzeb Khan; Chairman SECP, MD PASSCO, federal secretaries and other senior officers.
