Federal Minister for Finance and Revenue, Miftah Ismail, revealed that Pakistan has bought additional wheat for emergencies and crises.
Speaking at a press conference, Miftah said the country is currently importing 300,000 tonnes of wheat on top of the already purchased 500,000 tonnes. The total wheat import currently stands at 800,000 tonnes.
The Economic Coordination Committee (ECC) approved the third International Wheat Tender 2022, which opened on July 18th, 2022, and the lowest bid was $404.86, offered by M/s Vittera B.V. on a sight letter of credit (LC) basis.
Moreover, the minister informed that the ECC also approved the purchase of 200,000 tonnes of urea from China. He said urea was available at the rate of $600, but the government acquired it at $500 on a government-to-government basis.
The Finance Minister further informed that the ECC approved the tariff rationalization for K-Electric (KE). He added that the ECC has also directed the Petroleum Division to reconsider the summary on the rate of the Petroleum Levy on Liquified Petroleum Gas (LPG).
The government is taking measures to reduce the circular debt of gas and electricity, said the minister.