BAFL 45.40 Increased By ▲ 0.35 (0.78%)
BIPL 20.40 Decreased By ▼ -0.11 (-0.54%)
BOP 5.52 Decreased By ▼ -0.12 (-2.13%)
CNERGY 4.62 Increased By ▲ 0.07 (1.54%)
DFML 15.85 Increased By ▲ 0.15 (0.96%)
DGKC 74.59 Increased By ▲ 3.38 (4.75%)
FABL 27.31 Decreased By ▼ -0.09 (-0.33%)
FCCL 17.95 Increased By ▲ 0.80 (4.66%)
FFL 9.00 Increased By ▲ 0.45 (5.26%)
GGL 12.60 Decreased By ▼ -0.07 (-0.55%)
HBL 112.77 Increased By ▲ 0.07 (0.06%)
HUBC 122.80 Increased By ▲ 3.69 (3.1%)
HUMNL 7.59 Decreased By ▼ -0.01 (-0.13%)
KEL 3.28 Increased By ▲ 0.01 (0.31%)
LOTCHEM 27.76 Decreased By ▼ -0.09 (-0.32%)
MLCF 39.50 Increased By ▲ 0.42 (1.07%)
OGDC 109.00 Increased By ▲ 0.69 (0.64%)
PAEL 17.70 Decreased By ▼ -0.05 (-0.28%)
PIBTL 5.55 Decreased By ▼ -0.01 (-0.18%)
PIOC 106.85 Increased By ▲ 0.85 (0.8%)
PPL 93.30 Increased By ▲ 0.80 (0.86%)
PRL 25.20 Decreased By ▼ -0.14 (-0.55%)
SILK 1.03 Decreased By ▼ -0.04 (-3.74%)
SNGP 63.11 Decreased By ▼ -0.61 (-0.96%)
SSGC 11.88 Decreased By ▼ -0.12 (-1%)
TELE 8.36 Decreased By ▼ -0.10 (-1.18%)
TPLP 13.24 Decreased By ▼ -0.10 (-0.75%)
TRG 83.30 Decreased By ▼ -2.10 (-2.46%)
UNITY 26.29 Increased By ▲ 0.33 (1.27%)
WTL 1.52 Decreased By ▼ -0.02 (-1.3%)
BR100 6,220 Increased By 34 (0.55%)
BR30 21,599 Increased By 139.3 (0.65%)
KSE100 60,844 Increased By 342 (0.57%)
KSE30 20,321 Increased By 145.2 (0.72%)
Print Print 2022-08-31

ECC decides to boost strategic reserves of wheat

  • Meeting of the ECC was put up a summary by the Ministry of Poverty Alleviation seeking Rs103 billion for disbursement of emergency cash assistance among flood-affected families across Pakistan
Published August 31, 2022

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has decided to increase wheat strategic reserves to two million metric tons in order to deal with expected hoarding and prices’ increase in the wake of rainfalls and floods.

A meeting of the ECC presided over by Finance Minister Miftah Ismail on Tuesday was put up a summary by the Ministry of Poverty Alleviation seeking Rs103 billion for disbursement of emergency cash assistance among 4.1 million flood-affected families across the country.

The Ministry of National Food, Security and Research also presented a summary for re-fixing of wheat strategic reserves to the level of two million metric tons. The ministry, sources said stated that previously fixed strategic reserves of one million metric ton is inadequate in the wake of recent rainfall and flood damages ensuing financial issues of farmers for the next wheat sowing season, rising local wheat prices and hoarding and smuggling issues, one million metric tons wheat stock are insufficient.

Therefore, in order to ensure wheat availability across the border and to stabilise local wheat prices, it was proposed that the quantum of wheat strategic reserves may be retained at the level of two MMTs.

The ECC approved the revision of the decision for the import of three MMTs of milling wheat against the net requirement of 2.6 million tons besides allowing maintenance of strategic reserves of wheat at the level of two MMTs, including a quantity of 0.080 MMTs on account of SAARC food bank.

ECC allows TCP to import 0.3m tonnes of wheat

In addition, the ECC also decided that the trading corporation should be directed to arrange a further quantity of 0.8 MMTs through G2G or open tender. It was added that import of 0.8 MMTs wheat is allowed to the private sector with the proviso that subsidy shall not be provided for such imports of wheat.

The ECC allowed the EAD for signing of six debt rescheduling agreements for DSSI-III amounting to around $190 million with three creditors namely, Italy, Japan, and Spain. The ECC was informed that this debt relief, termed as DSSI-I, for IDA eligible countries to mitigate the socio-economic impact of the Covid-19 was announced in April 2020 and currently, six agreements for the DSSI-III with Italy, Japan, and Spain have been negotiated and finalized; therefore, signing of six debt rescheduling agreements with the three creditor countries by the secretary EAD on behalf of the government of Pakistan may be allowed.

The ECC was presented a summary by the National FATF Coordination Committee on AML/CFT seeking Rs7 million for making arrangements and other expenses of 15 members’ FATF/APG assessors’ team comprising different countries on-site visit from 29 August to 2 September 2022 in order to verify the stance of Pakistan as reported in cyclic reports. The ECC approved TSG of Rs7 million in this regard.

The Ministry of Communication submitted a summary for extension of time to complete the business plan of the NHA from June 30, 2022 to September 30, 2022. It was shared that the NHA has already shared information with the ADB consultant for preparation of business plan of the NHA. However, additional time is required to complete the same. This summary was approved by the ECC after thorough deliberation with the provision that no further extension would be given. In case, a further extension is sought, the Finance Division will start deducting interest on Cash Development Loans (CDL).

The Ministry of Poverty Alleviation and Social Safety has sought Rs103 billion supplementary grant for disbursement of Rs25,000 among 4.1 million beneficiaries across the country for poverty score up to 32.

In the summary, the ministry stated that emergency cash assistance to victims of flash floods 2022 was decided following unprecedented rains and flash floods across the country which resulted in the loss of lives and property.

The meeting was attended by Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Musadik Masood Malik, Coordinator to PM on Commerce and Industry Rana Ihsan Afzal, Coordinator to the PM on Economy Bilal Azhar Kayani, federal secretaries, and other senior officers attended the meeting.

Copyright Business Recorder, 2022


Comments are closed.

ECC decides to boost strategic reserves of wheat

Intra-day update: rupee records marginal gain against US dollar

Open market: rupee strengthens against US dollar

Policy envisages transformation of non-strategic SOEs

$3bn deposit: SFD extends term for one year

Israel and Hamas agree to extend temporary truce

Operation of SRO about additional tax on banks’ windfall income suspended

Defaulters’ utility connections to be cut: FBR starts serving notices with 30-day compliance time

FBR resolves Sino-Pak ‘trade gap’ issue

At the rate of Rs3.53/unit for Oct 2023: Nepra agrees to allow Discos to recover Rs32.7bn additional amount

Recycling of ships: Accession to ‘Hong Kong Convention’ approved