ECC approves wheat import of 450,000MT from Russia

The Economic Coordination Committee (ECC) of the Cabinet approved on Monday the import of 450,000 tonnes of wheat from Russia in the February to March 2023 window, the finance ministry said.

Federal Minister for Finance and Revenue Ishaq Dar presided over the meeting of the ECC of the Cabinet, read a statement by the Ministry of Finance.

The Ministry of National Food Security and Research submitted a summary on the award of 7th International Wheat Tender 2022 opened on 30th November, 2022.

“Keeping in view results of 7th International tender and Government-to-Government (G2G) offer, the ECC granted approval of the offer of M/s Prodintorg, Russia on a G2G basis @US$ 372 /MT (Metric Tons) for the supply of 450,000 MT at Gwadar Port for shipment period from 1st February, 2023 to 31st March, 2023,” read the statement.

Pakistan still considering offers in 500,000 tonne wheat tender

It was also decided at the meeting that any additional cost on inland transportation from Gwadar Port will be borne by Pakistan Agricultural Storage & Services Corporation Limited (PASSCO) to be recovered from provinces at the time of the release of wheat stock.

Moreover, the ECC also approved the lowest bid from M/s Cereal Crop Trading LLC at $372/MT for supply of 130,000 MT at Karachi ports for the shipment period from 16th December, 2022 to 8th February, 2023.

The ECC also approved the proposal of the Finance Ministry to change the title of the revolving fund account for CPEC Independent Power Producers from 'Pakistan Energy Revolving Fund' to 'Pakistan Energy Revolving Account'.

Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Shahid Khaqan Abbasi MNA/Ex-PM, Minister of State for Finance and Revenue Ayesha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Government Effectiveness Muhammad Jehanzeb Khan, Federal Secretaries and other senior officers attended the meeting in person.

Federal Minister for Commerce Syed Naveed Qamar, Minister of State for Petroleum Musadik Masood Malik, Coordinator to PM on Commerce & Industry Rana Ihsan Afzal and Governor SBP, MD PASSCO joined the meeting through Zoom.