ECC approves import of 340,000MT wheat

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday granted approval for the import of 340,000 metric tonnes of wheat.

Adviser to Prime Minister on Finance Abdul Hafeez Shaikh chaired the meeting of the ECC through a video link from Lahore.

The ECC considered the summary moved by the Ministry of National Food Security and Research on the ‘Status of Wheat Import through Trade Corporation of Pakistan’. The committee was briefed that the fifth tender for the procurement of wheat was issued on 9th October 2020. It was opened on 14th Oct and according to TCP, six parties participated in the bidding process.

Keeping in view the offers received, the MNFS&R requested the ECC to approve the lowest bid offered by GTCS for the import of 340,000MT wheat as well as permission to distribute the imported quantities equally among three recipient agencies, namely PASSCO, Punjab and KP.

Article continues after this advertisement

They also requested the committee to grant an in-principle approval to the procurement of additional quantities from Russia by TCP.

The ECC granted approval for the import of 340,000MT wheat and decided that the imported quantities shall be distributed among PASSCO, Punjab and KP in proportion to what they have ordered/demanded.

The committee also approved in-principle the import of wheat from Russia by TCP, for which a detailed summary regarding the fresh offer from the Russian government along with quantities would be presented before the ECC for approval.

The MNFS&R briefed the committee that so far, the ministry has in stock 0.57 million tonnes of imported wheat. It further informed that the TCP has provided a schedule of 29 vessels that will arrive till January 2021, bringing the total to 1.5 million MT of wheat in the country.

The ministry assured the forum that they have been making their best efforts to overcome any future shortage of wheat in the country.

The meeting was attended by National Food Security Minister Syed Fakhar Imam, Industries & Production Minister Hammad Azhar, Adviser to PM on Commerce Abdul Razaq Dawood, Special Assistant to PM on Revenue Dr Waqar Masood Khan, SAPM on Petroleum Nadeem Babar and Privatization Minister Mohammadmian Soomro.

- Advertisement -


Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

Edible oil import bill might witness 30pc increase.

The country’s edible oil import bill is likely to witness a massive increase of 30 per cent in the financial year 2021-22. An edible oil...

SPI decreases 0.07pc