The federal cabinet has approved the Economic Coordination Committee’s (ECC) decisions to import nearly $300 million worth of urea fertiliser and wheat through open tenders.
According to reports, the federal cabinet has approved the ECC decisions through circulation on an emergency basis. The cabinet reportedly allowed the Trading Corporation of Pakistan (TCP) to import 300,000 metric tonnes of urea fertiliser and 380,000 metric tonnes of wheat.
Sources added that 380,000 tonnes of wheat would be imported for $373 per ton, while 300,000 metric tonnes of urea would be imported at $520 per ton.
It is pertinent to mention here that the Trading Corporation of Pakistan (TCP) opened an international tender for the import of 500,000 tonnes of wheat. The government received the lowest bid for wheat import $373 per metric ton.
The tender was issued after enormous floods and rainfall across the country from July-September harmed crops, sweeping away homes, bridges, roadways and livestock, causing an estimated $30 billion of damage. According to the tender, the government was seeking shipment in consignments of at least 100,000 tonnes between Nov 13-Nov 18, Nov 21-Nov 26, Nov 29-Dec 4, Dec 7-Dec 12 and Dec 15-Dec 20. Shipments must be organised so that all wheat arrives in Pakistan by Jan 10, 2023.
A day earlier, the Economic Coordination Committee (ECC) of the Cabinet allowed the import of wheat and urea fertiliser. In addition to approving the tender for import of 380,000 tons of wheat for $373 per ton, ECC authorised the state trading agency to explore options for import of another 800,000 tons.