Pakistan’s Economic Coordination Committee (ECC) of the Cabinet met on Thursday at the Finance Division under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
The ECC reviewed a proposal from the Ministry of National Food Security and Research to dispose of 500,000 metric tons of wheat held by the Pakistan Agricultural Storage and Services Corporation (PASSCO) through competitive bidding.
Officials said a previous attempt to sell the wheat at earlier reserve prices failed due to low bids. Considering the current stock and carrying costs, the committee approved the sale on a First-In-First-Out (FIFO) basis. Revised reserve prices were set at 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 of PKR 536 million for Public Sector Development Program (PSDP) projects formerly managed by the now-defunct Pakistan Public Works Department.
The funds will be transferred to the provincial governments of Punjab and Khyber Pakhtunkhwa for ongoing projects, in accordance with legal and constitutional provisions.
A summary by the Petroleum Division on a fact-finding report related to the Deed of Settlement with Cnergyico PK Limited was also tabled. The report, submitted to address earlier ECC directions on delayed petroleum levy payments, was returned with instructions for a more detailed presentation at a future meeting.
Comments
See what people are discussing