ECC allows import of additional 200,000T wheat

ISLAMABAD: The government on Wednesday decided in principle to import additional 200,000 tons of wheat to create buffer stocks and avoid shortage till the harvesting of the next crop. The final decision will be taken after consultations with all stakeholders.

The Economic Coordination Committee (ECC) of the cabinet took the decision during a meeting presided over by Minister for Finance and Revenue Hafeez Shaikh.

Ministry of food security and research presented a detailed summary regarding provision of additional quantities of wheat to Utility Stores Corporation, Khyber Pakhtunkhwa and Jammu and Kashmir. The meeting was told about the availability of wheat stocks across the country.

The ECC approved additional wheat allocation of 200,000 tons for Khyber Pakhtunkhwa, 80,000 tons to Jammu and Kashmir and 220,000 tons to Utility Stores Corporation from Pakistan Agricultural Storage and Services Corporation. The committee also approved the import of additional wheat to buffer up stocks till the arrival of fresh crop after seeking detailed input from all concerned. The government set import target of 1.5 million tons in October for the Trading Corporation of Pakistan to meet domestic demand. Private importers have also booked import orders of almost the same quantity.

Ministers and PM advisers participated in the meeting. State Bank of Pakistan Governor Reza Baqir also attended the meeting through video link.

Ministry of commerce presented a summary regarding removal of additional 2 percent customs duties on 152 tariff lines, mostly raw material, on horizontal basis under National Tariff Policy 2019-24. The ECC approved the summary with a direction that budget cycle must be observed while planning important incentives for businesses and industries for smooth planning and subsequent implementation during the financial year. Adviser to Prime Minister for Commerce and Investment Razak Dawood said the tariff lines are mainly in the chemical sector.

“This will be one more step in making our chemical industry more competitive for both local market as well as exports. These tariff reductions were done after extensive consultations with the stakeholders,” Dawood said in a tweeter message.

Ministry of maritime affairs tabled a summary for awarding contract regarding infrastructure facilities, sewerage system and water supply system in Gulshan-e-Benazir Township Scheme at Port Qasim Authority, Karachi. The ECC approved the projects in conformity with the PQA Act-1973, in principle, and directed Ministry of maritime affairs to settle the modalities for the award of contracts as per rules. The summaries related to the textile and apparel policy (2020-25) and national freight and logistics policy were deferred to next ECC for comprehensive consultation process with key stakeholders.

ECC approved the technical supplementary grants of Rs30 million for the ministry of defence for the purchase of spare parts for helicopters for the government of Khyber Pakhtunkhwa, Rs400 million for the ministry of law and justice to establish additional courts in compliance with the orders of the Supreme Court and Rs2.2 billion for the Higher Education Commission for completion of various disbursement linked indicators under the World Bank’s International Development Association credit facility.