The Economic Coordination Committee (ECC) of the Cabinet met today at the Finance Division under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
The ECC considered a proposal of the Ministry of National Food Security & Research regarding the disposal of 500,000 metric tons of wheat stock held by PASSCO through competitive bidding. The Committee was informed that an earlier attempt to sell the wheat at previously approved reserve prices could not be finalized due to lower bids received. In view of the existing stock position and associated carrying costs, the ECC approved the sale of 500,000 metric tons of wheat through competitive bidding on a First-In-First-Out (FIFO) basis at revised reserve prices of PKR 4,150 per 40 kg for local wheat and PKR 3,800 per 40 kg for imported wheat.
The ECC also approved a Technical Supplementary Grant amounting to Rs. 536 million for PSDP projects of the defunct Pakistan Public Works Department (Pak-PWD). The approved amount will be transferred to the Governments of Punjab and Khyber Pakhtunkhwa for specific ongoing projects in accordance with the relevant legal and constitutional provisions.
In addition to the regular agenda items, a summary by the Petroleum Division regarding a fact-finding report on the Deed of Settlement with Cnergyico PK Limited, submitted in compliance with earlier ECC directions concerning delayed payment of Petroleum Levy, was also tabled and returned with the observations that a more comprehensive presentation be made in a subsequent meeting.
The meeting was attended by Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for National Food Security and Research Rana Tanveer Hussain, Federal Minister for Investment Qaiser Ahmed Sheikh (virtually), Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan (virtually), and senior officials from the relevant ministries and divisions.
