The Finance Division dismissed media reports suggesting that the Economic Coordination Committee (ECC) has “delayed the decision on wheat procurement targets”, saying that the ECC wants to ensure all stakeholders are on board before reaching decisions.

“News stories appearing in a section of the Press have given the misleading impression that ECC has delayed the decision on wheat procurement targets. There is no truth to these assertions,” read a statement released by the Finance Division, on Saturday.

It said that the ECC of the Cabinet discussed matters related to wheat procurement in its meeting held on 4th April 2024.

Sindh govt to start wheat procurement process on 20th

“After considering the views of the relevant Federal Ministries, the members of the ECC felt that it would be advisable to include the provincial governments in the deliberations, as they would be responsible for implementing the decisions on the ground.

“The meeting was therefore reconvened on 5th April and representatives of all the provincial governments participated,” read the statement.

As per the Finance Division, the representatives provided updates to the committee on the latest situation relating to wheat procurement in their respective areas and apprised them of their requirements for bank credit.

“The committee after detailed deliberations approved the procurement target proposed by the Ministry of Food Security and the provinces and the cash credit limits required for the purpose,” it said.

The Finance Division shared that the relevant departments did not suggest any enhancement or reduction in targets presented by the Ministry of Food Security, and neither did the ECC approve any such change.

“The Government of Punjab informed the committee that it was closely monitoring the wheat situation in the province and had initiated the procurement process. They further informed that the provincial government would continue to intervene to ensure that farmers can sell their produce at the support price level,” it said.

As per the Finance Division statement, in its inaugural meeting, the ECC resolved that all the matters brought before it would be deliberated in detail to make informed decisions.

“The Committee would also continue to ensure that all the stakeholders are on board before arriving at decisions which have far-reaching implications,” it concluded.

On Friday, ECC approved Rs274 billion Cash Credit Limit (CCL) for the procurement of wheat by the provinces and Pakistan Agricultural Storage and Services Corporation Limited (PASSCO).