ISLAMABAD-The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the recommendation of Ministry of National Food Security & Research to assign wheat procurement target of 1.80 million metric tons (MMT) at procurement price of Rs3,900 per 40kg.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet. Ministry of National Food Security & Research submitted a summary on fixation of PASSCO’s wheat procurement targets for the year 2023 and presented details on the public wheat stocks, projected release of wheat from PASSCO’s stocks and carry forward stocks at the start of new food year on 01-04-2023.
Considering the situation, additional demand of wheat from PASSCO’s stocks by Punjab, Sindh, Khyber Pakhtunkhwa and Baluchistan, minimum level of carry forward stocks and prevailing pricing trend in the local wheat market, the ECC approved the recommendation of Ministry of National Food Security & Research to assign wheat procurement target of 1.80 MMT @ procurement price of Rs. 3,900/40kg. Further the ECC directed MNFS&R to form a committee to review the proper wheat usage, wheat storage mechanism/silos in the country and present its findings to the ECC in 15 days.
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Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Musadik Masood Malik, Shahid Khaqan Abbasi, MNA/Ex-PM, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Chairman SECP, MD PASSCO, federal secretaries and other senior officers attended the meeting.