ECC Approves Sale of 500,000 Tons Wheat
ISLAMABAD : The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Muhammad Aurangzeb, approved the sale of 500,000 metric tons of wheat from government reserves in a meeting attended by federal ministers, special assistants, and senior officials from relevant ministries.
The committee granted permission to the Pakistan Agricultural Storage and Services Corporation (PASSCO) to proceed with the disposal of wheat stocks through a competitive bidding process. The sale will be conducted on a first-in, first-out basis to ensure transparency and proper inventory management.
According to the decision, the new reserve price for locally procured wheat has been fixed at Rs4,150 per maund, while the reserve price for imported wheat has been approved at Rs3,800 per maund. Officials noted that earlier attempts to sell wheat stocks could not be completed due to low bids that failed to meet the previously set reserve prices.
The committee was informed that the decision to move forward with the sale was taken in view of rising storage costs and the financial burden associated with maintaining large inventories. The Ministry of National Food Security and Research presented a summary outlining the need for timely disposal to prevent further fiscal strain and reduce carrying expenses.
ECC members emphasized that the competitive bidding mechanism would help achieve market-based pricing while safeguarding public resources. The first-in, first-out method is also expected to maintain stock quality and ensure orderly management of reserves.
In a separate decision, the ECC approved a technical supplementary grant of Rs536 million for the Pakistan Public Works Department (Pak PWD). The approved amount will be released to the governments of Punjab and Khyber Pakhtunkhwa to meet specified expenditure requirements.
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The committee also reviewed a report concerning a delay in the payment of petroleum levy by Cnergyico. After initial deliberations, the matter was deferred for further examination, with members seeking additional clarity before taking a final decision.
The meeting underscored the government’s focus on prudent fiscal management, efficient handling of public assets, and intergovernmental coordination. By approving the wheat sale and supplementary funding, the ECC aimed to ease financial pressures while ensuring continuity in essential public sector operations.
Officials reiterated that all decisions were taken after detailed consultation with relevant stakeholders and in line with established financial and administrative procedures.
