ECC approved importing wheat without regulatory duty
21 January, 2020
ISLAMABAD: The federal cabinet’s Economic Coordination Committee (ECC), approved a recommendation of importing wheat without regulatory duty on an emergency basis, on Monday.
At a meeting held in Islamabad today and chaired by Abdul Hafeez Sheikh, Adviser to the Prime Minister on Finance, it was decided that 0.3 million metric tons of wheat would be approved for import.
According to a report, the government decided to approve the proposal for import to save consumers from soaring wheat prices, even though sufficient stocks of the commodity are available.
The report published on Monday had claimed that the move will maintain minimum stocks of wheat at 0.2 million tons, as fears of a looming wheat shortage and hoarding inform prices across the country.
The report published on Monday had claimed that the move will maintain minimum stocks of wheat at 0.2 million tons, as fears of a looming wheat shortage and hoarding inform prices across the country. Central Asian republics, Australia or other countries with surplus wheat production might be approached for the import, the English daily said. Prices of wheat have soared in Pakistan the past week.
Initially, the crisis appeared when the Sindh province decided not to procure wheat because different officials were facing corruption probes on account of procurement of wheat. Meanwhile, the PPP and PML-N had alleged that despite a shortage in reserves of wheat, the commodity had been exported.