ISLAMABAD – The Economic Coordination Committee (ECC) of the Cabinet has approved to immediately ban import of wheat’s by-products and to export 1.2 million tonnes of wheat out of surplus stocks available in Punjab and Sindh which have been allocated export quota of 800,000 tonnes and 400,000 tonnes respectively.
Met under the chair of Finance Minister Senator Ishaq Dar, the Economic Coordination Committee approved export of 1.2 million tons of wheat out of the surplus stocks available in Punjab and Sindh.
The Punjab province will get a subsidy of $55 per metric ton for export while for Sindh this subsidy would be $45 per metric ton. Punjab and Sindh provinces have surplus stock of wheat. Chief Minister Sindh in a letter has requested the Prime Minister to allow export of 0.50 million tons of wheat at a discount of $50 per ton. A similar request has been received from the Food Department of Punjab. The provinces asked the top economic decisions making body of the country to allow the wheat exports in order to create space in their godowns for the upcoming crop. The federal government would provide subsidy on the export of wheat to the provinces to meet expenses on procurement, storage and markup etc.
The body also took notice of unhindered import of wheat byproducts. It also issued instructions for immediate ban on their import. It approved Issuance of Policy directive to Nepra to build in costs incurred by the power sector into the tariff without affecting the end consumer. Sources informed that this decision of ECC would deprive masses from the expected power tariff reduction, which was supposed to decrease due to declining furnace oil price in international market.
