The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved the sale of 500,000 metric tons of wheat held by PASSCO through competitive bidding on a First-In-First-Out (FIFO) basis.
The Committee was informed that an earlier attempt to sell the wheat at previously approved reserve prices failed due to low bids. Considering the current stock and carrying costs, the ECC revised the reserve prices to Rs. 4,150 per 40 kg for locally sourced wheat and Rs. 3,800 per 40 kg for imported wheat.
The ECC also sanctioned a Technical Supplementary Grant of Rs. 536 million for PSDP projects of the defunct Pakistan Public Works Department (Pak-PWD). The funds will be transferred to the Governments of Punjab and Khyber Pakhtunkhwa to support ongoing projects, in line with applicable legal and constitutional provisions.
Separately, the Petroleum Division presented a summary of a fact-finding report on the Deed of Settlement with Cnergyico PK Limited, related to delayed Petroleum Levy payments. The ECC returned the report, requesting a more detailed presentation in a future session.
The meeting was attended by Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for National Food Security & 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 relevant ministries and divisions.
