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

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

Islamabad (Agencies):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 and Services Corporation (PASSCO).

According to details, Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the ECC meeting.

Ministry of National Food Security and Research (MNFS&R) 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 at 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.

Federal Minister for Power Khurram Dastgir, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Musadik Malik, former prime minister Shahid Khaqan Abbasi, SAPMs Tariq Bajwa, Tariq Pasha, and Dr Muhammad Jehanzeb Khan, Chairman SECP, PASSCO MD, federal secretaries and other senior officers attended the meeting.