ECC has approved the import of 200,000 tonnes of sugar and 400,000 tonnes of wheat and an Rs 24.555 billion supplementary grant.
The meeting of the Economic Coordination Committee (ECC) held on Wednesday under the Chairmanship of Federal Minister for Finance, Shukat Tarin approved the import of 200,000 metric tons of sugar and 400,000 metric tons of wheat.
The committee gave the approval of this big import, keeping in view to maintain the strategic stocks of the two food items in the country.
The existing condition of neighboring country Afghanistan was also discussed while approval was given as the evolving situation in Afghanistan may have its effects in Pakistan. The Federal Minister approved the financial arrangements for this import.
Read more: ECC takes big decisions and okays import process for 3 million tonnes of wheat
Furthermore, Shaukat Tarin directed the make a sub-committee for holding consultative talks and work out modalities for placing tenders in the international market in time so as to get the most affordable price.
The ECC head said, “Proper estimate should be presented for import of sugar and wheat to fulfill all codal formalities in a timely manner.”
Ministry of Industries had presented the summary for the import of sugar. The Secretary of the ministry briefed the meeting about the cancellation of previous tenders for the purchase of sugar.
He said that the tender was canceled due to the rapidly changing price of commodities in the international market because of Covid-19. He added the increasing cost of transportation and petroleum also were the reasons for the price hike.
Ministry of National Food Security and Research had presented the summary for the import of wheat. The committee was directed to go for options of importing the wheat through government-to-government arrangements.
The meeting also gave approval of the Technical Supplementary Grant, amounting to Rs 24,555 million presented by the National Disaster Management Authority for the procurement of vaccine for Covid-19 including transportation and handling charges to meet the target of vaccinating the 85 million of the population by the end of this year.
