ECC fixes Rs3,900/40 kg wheat procurement price

ISLAMABAD: The Economic Coordination Committee (ECC) approved the assigning of wheat procurement target of 1.80 MMT at Rs. 3,900 per 40 kg.  

This meeting of the ECC was held under Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar.

The Ministry of National Food Security and Research (MNFSR) submitted a summary on the fixation of Pakistan Agricultural Storage and Services Corporation Ltd’s (PASSCO) wheat procurement targets for the year 2023. It also presented details on public wheat stocks, projected release of wheat from PASSCO’s stocks and carry forward stocks at the start of the new food year on January 4, 2023.

Considering an additional demand of wheat from PASSCO’s stocks by Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan, a minimum level of carry-forward stocks and the prevalent pricing trend in the local wheat market, the ECC approved the recommendation of MNFSR to assign a wheat procurement target of 1.80 MMT at the price of Rs. 3,900 per 40kg.

Furthermore, the ECC directed the MNFSR to form a committee to review wheat usage, wheat storage mechanisms/silos in the country and present its findings in 15 days.

The ECC also considered a summary of the Ministry of Inter Provincial Coordination, and granted Technical Supplementary Grant of Rs 10 million for the medical treatment of Jan Sher Khan, ex-world Squash Champion, who has been diagnosed with multiple health issues.