ECC approves summary to import 300,000 MT wheat from Russia

ECC, Wheat, Russia

The Economic Coordination Committee (ECC) on Monday approved the summary for the purchase of 300,000 MT of wheat from Russia on a government-to-government (G2G) basis.

The ECC meeting was presided over by Federal Minister for Finance and Revenue Ishaq Dar.
The summary for the wheat import was presented by the Ministry of Commerce. The government would import 300,000 MT of specified milling wheat at $372/MT for the shipment period from 1st November 2022 to 15th January 2023.

Another summary, regarding the revision of dealers’ margins on petroleum products, was presented before the ECC by the Ministry of Energy.
The summary was approved after due diligence, revising the margin at Rs. 6 per litre, however, its implementation will be subject to fiscal space in petroleum prices.

A third summary was proposed by the Ministry of Energy (Power Division), on Pakistan Energy Revolving Fund (PERF). The ECC endorsed the opening of an assignment account under the title of Pakistan Energy Revolving Fund (PERF) to be opened with the State Bank of Pakistan (SBP) Islamabad and operated by CPPA.

Also Read: ECC okays amendments in Import Policy Order 2022

Federal Minister of Planning, Development & Special Initiatives Ahsan Iqbal, Federal Minister for Commerce Syed Naveed Qamar, former prime minister Shahid Khaqan Abbasi, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Federal Secretaries, Federal Board of Revenue (FBR) Chairman and other senior officers attended the meeting.



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