ECC allows PASSCO to procure 1.8 MMT wheat at Rs.3,900/40kg.

ISLAMABAD -- The Economic Coordination Committee (ECC) of the cabinet here on Wednesday approved wheat procurement target of 1.80 million metric tons (MMT) at the rate of Rs.3,900 per 40 kilogram by Pakistan Agricultural Storage and Services Corporation (PASSCO).

According to press statement issued by the finance ministry, Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the ECC.

Ministry of National Food Security and Research had 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 Balochistan, minimum level of carry forward stocks and prevailing pricing trend in the local wheat market, the ECC approved the recommendation of the ministry to assign wheat procurement target of 1.80 MMT at procurement price of Rs. 3,900/40kg.

Further, the ECC directed the ministry to form a committee to review the...