ECC allows PASSCO to procure 1.8 MMT wheat at Rs3,900/40kg

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet here on Wednesday approved wheat procurement target of 1.80 million metric tons (MMT) at the rate of Rs. 3,900 per 40 kilogram by Pakistan Agricultural Storage & Services Corporation (PASSCO).

According to a press statement issued by the finance ministry, Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the ECC.

Ministry of National Food Security and Research had submitted a summary on fixation of PASSCO’s wheat procurement targets for the year 2023 and presented details on the public wheat stocks, projected release of wheat from PASSCO’s stocks and carry forward stocks at the start of new food year on 01-04-2023.

Considering the situation, additional demand of wheat from PASSCO’s stocks by Punjab, Sindh, Khyber Pakhtunkhwa and Baluchistan, 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 @ procurement price of Rs. 3,900/40kg.

Further the ECC directed the ministry to form a committee to review the proper wheat usage, wheat storage mechanism/Silos in the country and present its findings to the ECC in 15 days.

The ECC also considered a summary of Ministry of Inter Provincial Coordination and granted Technical Supplementary Grant of Rs. 10 million for 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.