Govt orders procurement of 0.4mn tons of wheat

ISLAMABAD: The federal government has directed the Ministry of Commerce/Trading Corporation of Pakistan (TCP) to procure 0.4 million tons of wheat at $ 355.99 per metric ton (MT), well-informed sources told Business Recorder.

On August 25, 2021, the Ministry of National Food Security and Research informed the Economic Coordination Committee (ECC) of the Cabinet that in view of the second tender results for import of wheat and the prevailing public sector wheat stock position in the country, it has recommended the following options for consideration of the ECC: (i) ECC may accept the lowest bid price offered by M/s Falconbridge Resources for 110,000 MT @ $355.99 per MT for the shipment window of September 15 to October 31, 2021, or TCP may be directed to scrap the tender and issue a fresh tender for getting a more reasonable price; and (ii) TCP may also be directed to explore and expedite the option of wheat import through G2G arrangement.

Import of sugar, wheat approved by ECC

After detailed discussion, the ECC on a summary submitted by the Ministry of National Food Security and Research on “urgent advice relating to award of second international wheat tender 2021-22 opened on 23rd August, 2021” took the following decision: approved the lowest bid price offered by M/s Falconbridge Resources for 110,000 MT @ $ 355.99/- MT for the shipment window of September 15 to October 31, 2021.

The ECC also directed the Ministry of Commerce/TCP to procure 400,000 MT of wheat immediately under this deal.

The Committee also directed Ministry of Commerce/TCP to expedite the import of wheat through G2G arrangement.

The Ministry of Commerce/TCP shall expeditiously implement the above decisions of the ECC without waiting for the formal ratification of the Federal Cabinet thereon. The federal cabinet has also endorsed the decision of the ECC taken on August 25, 2021.

Copyright Business Recorder, 2021