ECC forms committee to settle price of wheat with Russia

By Staff Reporter
Thursday – October 8, 2020
ISLAMABAD: The economic coordination committee (ECC) constituted a three members committee, Wednesday, to negotiate the price of wheat with the Russian government, Pakistan will import 0.180 million metric tons (MMT), to increase supplies countrywide, ready to sign a memorandum of understanding (MoU) with Moscow for the supply of grain on a government-to-government basis.

According to an official statement, adviser to the prime minister on finance and revenue (A-PM-FR) Abdul Hafeez Shaikh chaired the meeting of ECC of the cabinet, at cabinet division, in the federal capital.

The Pakistan Agricultural Storage and Services Corporation (PASSCO) has been nominated as the procurement agency, on behalf of the government of Pakistan (GoP) to negotiate terms and conditions with the Russian side.

The cabinet has already approved the MoU.

The ECC committee consists of finance secretary, commerce secretary while the national food security and research secretary was also chosen as the chairman.

Besides, 330,000 million tonnes (MT) of wheat when imported by Trading Corporation of Pakistan (TCP) shall be distributed equally among three recipient agencies, PASSCO, Punjab and Khyber Pakhtunkhwa (KP) with 110,000 MT each.

The national food security and research (NFSR) ministry is bridging the supply and demand gap of wheat by various strategies.

On Wednesday, the wheat stock in Punjab was 2,992,744 tonnes, in Sindh was 1,259,395 tonnes, in KP was 88,900 tonnes, in Balochistan was 6,7423 tonnes, with PASSCO was 67,4623 tonnes.

Right now 0.399 MMT of imported wheat by private sector has been discharged from port and distributed to Punjab with 0.212 MMT, to KP with 0.0102 MMT and to Sindh with 0.177 MMT.

In June, ECC gave permission to the private sector to import 1.0 MMT of wheat. 18 vessels were booked for 1.092 MT till January 2020. By October, out of 18 vessels, 7 vessels carrying 0.433 MMT of wheat arrived in the country.

TCP confirmed only 330,000 MT through award and matching process after its first tender.

Another tender of 0.300 MMT, has been opened.