ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet here at the Cabinet Division.
ECC discussed in detail the need to import wheat in the country through the government and private sector. The Chair directed that the availability of wheat is an important issue and there is a need to maintain sufficient stock of wheat in the country which could be made available at a reasonable price. It was decided that TCP will start importing wheat in the required quantities through small tenders from time to time to maintain the wheat supply at a reasonable price and for keeping additional strategic reserves.
Earlier, ECC gave the TCP a go-ahead for the import of 200,000 tonnes of wheat for PASSCO after the Ministry of National Food Security and Research Secretary Omar Hamid Khan told the ECC that 500,000 tonnes of wheat was also being imported by the private sector and the first shipment was already scheduled to reach the country’s port on 26th August 2020. It was observed that the arrival of 700,000 tonnes of wheat in the next couple of months would help defuse price volatility, overcome shortage and discourage hoarding of this essential commodity in the country.
The ECC further tasked the Secretary National Food Security and Research along with Minister for Economic Affairs Makhdoom Khusro Bakhtiar to consult with the Provincial governments whether they would like to purchase any amount of wheat at the rates offered to TCP by global suppliers since the global wheat prices generally remain on the lower side in the months of July and August.
