ECC Sets Wheat Procurement Target of 1.8 Million Tonnes for PASSCO

The Economic Coordination Committee (ECC) of the cabinet on Wednesday assigned a wheat procurement target of 1.80 million metric tonnes (MMTs) at a procurement price of Rs. 3,900/40kg for Pakistan Agricultural Storage and Services Corporation (PASSCO).

The meeting of the Economic Coordination Committee was presided over by Federal Minister for Finance and Revenue Senator Ishaq Dar.

The Ministry of National Food Security & Research (MNFS&R) submitted a summary on the fixation of PASSCO’s wheat procurement targets for the year 2023 and presented details on the public wheat stocks, the 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 for 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 committee approved the recommendation of the ministry to assign wheat procurement target of 1.80 MMT at procurement price of Rs. 3,900/40kg.

The committee also directed the ministry to form a committee to review the proper wheat usage and wheat storage mechanism/Silos in the country and present its findings to the ECC in 15 days.

Federal Minister for Power Khurram Dastgir, Federal Minister for Industries and Production Syed Murtaza Mahmud, Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Musadik Malik, former prime minister Shahid Khaqan Abbasi, SAPMs Tariq Bajwa, Tariq Pasha, and Dr. Muhammad Jehanzeb Khan, Chairman SECP, PASSCO MD, Federal Secretaries, and other senior officers attended the meeting.

Get Alerts

Follow ProPakistani to get latest news and updates.

ProPakistani Community

Join the groups below to get latest news and updates.