ECC approves purchase of 0.3 million metric tons of wheat from Russia

Wheat cargo is scheduled to arrive between November 1 and January 15

The purchase of 0.3 million metric tons of wheat worth $112 million from Russia has been authorized by the Economic Coordination Committee (ECC).

The procurement of wheat and opening of an energy fund was decided in the meeting. However, the government couldn’t resolve the long-standing issue of opening a bank revolving account for saving Chinese energy companies. Rather it was decided to set up a monthly fund of Rs4 billion as an interim solution.

Minister of Finance and Revenue Ishaq Dar presided over the meeting that agreed to acquire wheat at $372 per metric ton from Russia. The wheat will cost $387 per ton or Rs89.2 per kilogram at the Pakistani port, which is slightly more expensive than domestic production.

M/s Prodintorg, which is a Russian state-owned company, has agreed to sell the 0.3 million ton wheat at $1 less than the last contract of Pakistan with another private bidder.

The wheat cargo is scheduled to arrive in Pakistan between November 1 and January 15, the meeting’s attendees were informed.

Following the discussion, the ECC accepted the summary while instructing the Ministry of Energy not to have any say in how much power consumers pay.

The ECC meeting was attended by Minister of Planning Ahsan Iqbal, Minister of Commerce Syed Naveed Qamar, former Prime Minister Shahid Khaqan Abbasi, Special Assistant to Finance Tariq Bajwa, Tariq Pasha and other government representatives.

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