Import of wheat to impact local wheat prices in Pakistan

By Newztodays Team

The Economic Coordination Committee (ECC) has allowed the Import of wheat which will impact local wheat prices in Pakistan

sanctioned the import of wheat and the export of wheat flour ahead of the local wheat crop’s arrival in the market in the coming months.

The decision to allow wheat importation is likely to influence the prices of locally produced wheat, while flour millers stand to profit from exporting wheat flour.ECC approves 0.3m wheat import from Russia

A proposal titled “Permission to Import Wheat and Export of Wheat Flour under Export Facilitation Scheme 2021” was presented by the Ministry of Commerce to the forum. The ECC endorsed the proposal and instructed relevant ministries to develop comprehensive plans to boost opportunities for value-added exports.

Dr. Shamshad Akhtar, the Federal Minister for Finance, Revenue, and Economic Affairs, chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet today.

A summary from the Ministry of Commerce (Tariff Policy Wing) regarding “Individual Tariff Rationalization Proposals from Different Sectors for Review of Custom Duties” was deliberated upon in the committee. Following discussions, the forum approved the proposal and recommended that tariff rationalization be aligned with the trade policy.

The ECC also gave its approval to a summary from the Power Division regarding the “Commissioning of 1263 MW CCPP Punjab Thermal Power (Pvt) Limited, Jhang (PPTL).”

Another proposal from the Ministry of Commerce regarding the “Sharing of Subsidy on Imported Urea at a 50:50 Basis Technical Supplementary Grant for the Ministry of Commerce” was reviewed by the Committee. The ECC sanctioned the release of Rs. 6 billion to the Ministry of Commerce to clear the subsidy arrears from the previous financial year. It was clarified that the government did not allow any subsidy on this account during the current year. Additionally, the ECC directed Provincial Governments to settle their respective arrears of subsidy on urea.

The Ministry of Planning, Development & Special Initiatives briefed the ECC on the country’s inflation situation. The forum instructed the Ministry of PD&SI to conduct a detailed analysis of the data collected by PBS and present it to the Committee for timely action.

To provide relief to the general public during Ramadan, the Economic Coordination Committee approved the proposed Ramadan Relief Package-2024, allocating a net amount of Rs. 7,492.75 million for subsidy to the targeted beneficiaries of BISP, as specified in the budget for 2023-24.