PR No.55 Islamabad: August 05, 2022

Federal Minister for Finance and Revenue Mr. Miftah Ismail presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet today. Federal Minister for Power Mr. Khurram Dastgir Khan, Mr. Tariq Fatemi SAPM, Minister of State for Petroleum Mr. Musadik Masood Malik, Special Assistant to the Prime Minister on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to the PM on Economy Mr. Bial Azhar Kayani, Federal Secretaries and other senior officers attended the meeting. Ministry of National Food Security and Research submitted a summary on supply of milling wheat from Russia on G2G basis. It was informed that in compliance with the decision of the Federal Cabinet by ECC on 28-05-2022 for the import of 3.00 MMT of wheat, TCP initiated the process of import of wheat from Russian Government on G2G basis. In this context, MOU was signed between Russian SOE and TCP on 08-06-2022. Initially, government of Russia offered wheat price US$ 410/- MT. A committee was constituted by the PM office under Mr. Tariq Fatemi, Advisor to the PM on Foreign Affairs to negotiate with the Russian Embassy on the price issue of imported wheat. Meanwhile, Russian delegation met with the Minister for Commerce and offered a reduced price of wheat @ US$ 405/-MT. Later on the price was further reduced to US$ 400/- MT. Finally, Ministry of National Food Security & Research on the recommendations of the Ministry of Commerce submitted the price offered by M/s Prodintorg, a state-owned company of Government of Russia @ US$ 399.50/- MT for supply 120,000 MT +/- 5% MOLSO of milling wheat through G2G arrangements for the consideration of the ECC of the Cabinet. It was observed in the meeting of the ECC that there is declining trend in the price of wheat which may further reduce in the coming days. It was therefore decided that Russian side may be offered the price of 390 US$ and offer may be cancelled if they do not accept the offer.