500,000 tons of Passco wheat set for disposal, ECC aims to curb storage costs

The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the disposal of 500,000 metric tons of Pakistan Agricultural Storage and Services Corporation Limited (Passco) wheat through competitive bidding, aiming to manage surplus stocks, reduce storage costs, and stabilise domestic wheat prices.

Moreover, the committee also approved the provision of 300,000 metric tons of Passco wheat to the Food and Consumer Protection Department of the Government of Punjab, aimed at maintaining adequate wheat supplies for flour mills, stabilising prices and ensuring uninterrupted availability of wheat flour to consumers, read a statement.

The ECC met today at the Finance Division under the chairmanship of Finance Minister Muhammad Aurangzeb to consider a range of important economic, fiscal and sectoral matters.

Federal Minister for National Food Security and Research Rana Tanveer Hussain, Federal Minister for Investment Qaiser Ahmed Sheikh, along with federal secretaries and senior officials from the concerned ministries, divisions and regulatory bodies attended the meeting.

During the meeting, the ECC approved a Technical Supplementary Grant (TSG) amounting to Rs29.663 billion for the Federal Directorate of Immunization under the Ministry of National Health Services, Regulations and Coordination to ensure uninterrupted procurement of vaccines and syringes under the Expanded Programme on Immunization.

The approval aims to sustain routine immunisation coverage across the country, prevent outbreaks of vaccine-preventable diseases, and meet Pakistan’s international commitments in public health.

The ECC further approved the sharing of subsidy on imported urea at a 50:50 basis between the federal and provincial governments through a TSG of Rs23.42 billion requested by the Ministry of Commerce.

Of this amount, Rs15 billion will be released by the Finance Division, while the remaining amount will be arranged subject to fiscal space.

In the housing and development sector, the ECC approved a TSG of Rs1.9 billion in favour of the Ministry of Housing and Works for meeting capital outlay under the Sustainable Development Goals Achievement Programme for execution of development schemes in Khyber Pakhtunkhwa through Pakistan Infrastructure Development Company Limited, aimed at accelerating infrastructure development and improving service delivery.

The ECC also approved a TSG of Rs150 million in favour of Cadet College Hasan Abdal under the Ministry of Federal Education and Professional Training to meet operational and developmental requirements and ensure the smooth functioning of the institution.

Finally, the ECC approved the distribution of confiscated solar panels by the Federal Board of Revenue to the Government of Gilgit-Baltistan, along with the associated transportation and distribution plan, to help address electricity shortages in the region, promote renewable energy solutions, and support public service facilities through sustainable power generation.