ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved a summary to maintain the country’s wheat reserves at 2 MMT in addition to ordering imports of the grain from various sources.
According to the details, the Ministry of National Food, Security and Research presented a summary on increasing national wheat strategic reserves in the meeting. The ministry informed that the current quantity of wheat stocks is insufficient in the wake of the recent floods due to which farmers have incurred financial damages that add to the issues of rising local wheat prices as well as hoarding and smuggling.
In order to ensure wheat availability across the border and to stabilize local wheat prices, it was proposed that the quantum of wheat strategic reserves may be retained at the level of 2 MMT.
The ECC approved the revision of an earlier decision to import 3 MMT of milling wheat and allowed the maintenance of strategic reserves at the suggested level, including a quantity of 0.080 MMT on account of the SAARC food bank.
Furthermore, TCP was directed to arrange a further quantity of 0.8 MMT through G2G or open tender. It was added that import of 0.8 MMT wheat is allowed to the private sector with provision that subsidy shall not be provided for such imports of wheat.
Further into the meeting, the National FATF Coordination Committee on AML/CFT presented a summary for the approval of expenditures related to FATF’s on-site visit. It was shared that the FATF’s APG assessors’ team of 15 members will visit from August 29 to September 2 in order to verify Pakistan’s cyclic reports.
In this regard, the ECC approved a summary for the allocation of TSG of PKR 7 million.
Moreover, the Ministry of Communication submitted a summary for an extension to complete the NHA’s business plan by September 30. It was shared that NHA has already shared information with ADB consultants for preparation of the business plan of NHA. However, additional time is required to complete the same.
The summary was approved by ECC after thorough deliberation with the provision that no further extension will be given. In case a further extension is sought, the Finance Division will start deducting interest on Cash Development Loans (CDL).
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