ECC allows TCP to proceed with import of 200,000 tonnes of wheat

The Economic Coordination Committee (ECC) of the Cabinet has allowed the Trading Corporation of Pakistan (TCP) to place an order for the import of 200,000 tonnes of wheat in the public sector following the import of 500,000 tonnes of wheat by the private sector in the country, said a press release.

“The ECC chaired by Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh 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 August 26, 2020.” 

“The government has already allowed the TCP to import 1.5 million tonnes of wheat through a transparent open international bidding process, to meet the identified demand of 0.70 million tonnes of wheat by Punjab, 0.30 million tonnes of wheat by Khyber Pakhtunkhwa and 0.5 million tonnes required to replenish the strategic reserves of PASSCO. The wheat would be imported in a staggered manner to fetch the best price as well as to save carrying cost and meet the shortage as and when required.” 

“It was noted that wheat stocks to the tune of 26.05 million tones, including 25.457 million tonnes from fresh wheat produce and 0.602 million from the carry forward stocks, were currently available in the country, reflecting a shortfall of 1.411 million tonnes. The availability of wheat stocks in the public sector was reported at 6.32 million tonnes compared to 7.55 million tonnes during the corresponding period last year.” 

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