ECC grants approval to import of 340,000 MT of wheat

The Economic Coordination Committee (ECC) of the Cabinet Thursday granted approval for the import of 340,000 metric tons of wheat, which would be distributed amongst the three parties’ i.e PASSCO, Punjab and Khyber Pakhtunkhwa in proportion to what they have ordered or demanded.

The meeting of ECC was chaired by Adviser to the Prime Minister on Finance, Dr. Abdul Hafeez Shaikh through video link from Lahore, according to press statement issued by the Finance Ministry here.

ECC considered the summary moved by 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 was issued on October 9, 2020 for the procurement of wheat. It was opened on October 14, 2020 and according to TCP six parties participated in the bidding process.

Keeping in view the offers received, the MNFS&R requested ECC for the approval of the lowest bid offer by M/s GTCS for quantity of 340,000 MT of imported wheat and the permission to distribute the imported quantities equally among three recipient agencies i.e PASSCO, Punjab and KP.

They also requested for approval, in principal, for procuring additional quantity from Russia by TCP.

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

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

MNFS&R briefed the ECC that so far, the Ministry has 0.57 million tons of imported wheat, adding the Trade Corporation of Pakistan had provided a schedule of 29 vessels that would arrive till January 2021 bringing it to 1.5 MMT 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 Minister for Food Security, Syed Fakhar Imam, Federal Minister for Industries and Production, Hammad Azhar, Adviser for Commerce, Abdul Razaq Dawood, Special Assistant to the Prime Minister on Revenue Dr Waqar Masood Khan, SAPM on Petroleum Nadeem Babar and Minister for Privatization Mohammad Mian Sumroo.