Islamabad (Commerce Desk): The Economic Coordination Committee (ECC) of the Cabinet has approved the sale of 500,000 metric tons of wheat held by PASCO through competitive bidding.
The decision was made during a meeting chaired by Federal Minister for Finance & Revenue Senator Mohammad Aurangzeb, attended by Federal Minister for Petroleum Ali Parvez Malik, Federal Minister for National Food Security & Research Rana Tanveer Hussain, Prime Minister’s Special Assistant for Industries & Production Haroon Akhtar Khan, and other senior officials. Federal Minister for Investment Qaiser Ahmed Sheikh joined via video link.
It was noted that a previous attempt to sell the wheat at pre-approved reserve prices failed due to low bids. Considering current storage costs and expenses, the ECC decided to sell the 500,000 metric tons on a First-In, First-Out (FIFO) basis at newly set reserve prices. The approved rates are PKR 4,150 per 40 kg for local wheat and PKR 3,800 per 40 kg for imported wheat.