ECC Decides To Offer $390/MT Price For Russian Wheat Import.

ISLAMABAD -- The Economic Coordination Committee of the Cabinet on Friday decided that Russia may be offered the price of $390/- MT for the import of wheat and tender may be cancelled if they do not accept the offer.

Federal Minister for Finance and Revenue Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet. Ministry of National Food Security and Research submitted a summary on supply of milling wheat from Russia on G2G basis. It was informed that in compliance with the decision of the Federal Cabinet by ECC on 28-05-2022 for the import of 3.00 MMT of wheat, TCP initiated the process of import of wheat from Russian government on G2G basis. In this context, MoU was signed between Russian SOE and TCP on 08-06-2022. Initially, government of Russia offered wheat price of US$ 410/- MT.

A committee was constituted by the PM office under Tariq Fatemi, Advisor to the PM on Foreign Affairs, to negotiate with the Russian Embassy on the price issue of imported wheat. Meanwhile, Russian delegation met with the Minister for Commerce and offered a reduced price of wheat @ US$ 405/-MT. Later on the price was further reduced to US$ 400/- MT. Finally...