ECC approve procurement of 120,000 MT of wheat for strategic reserves

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Thursday approved the tender for procurement of 120,000 metric ton (MT) of wheat in order to build strategic reserves in the country.

On the recommendation of Ministry of National Food Security and Research, the ECC approved the tender for procurement of 120,000 MT of wheat, in compliance with the directive of Cabinet to procure wheat to build strategic reserves during the current financial year, said a press release issued by Ministry of Finance.

Federal Minister for Finance and Revenue, Shaukat Tarin, presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division.

The Committee also directed Chairman, TCP to present a detailed report to Adviser on Commerce and Investment, Abdul Razak Dawood regarding time-line of wheat import and other requisite details at the earliest.

In the meeting, the Ministry of Maritime Affairs presented a summary regarding revision in tariff, enabling Fauji Oil Terminal and Distribution Company (FOTCO) to meet operating and maintenance expenses, which were approved in the year 2000, for a period of 20 years, but have not been revised afterward.

After due deliberation, the Committee approved the revision in tariff for FOTCO, locked for 5 years, to be paid in equivalent Pak rupees.

The ECC constituted a sub-Committee, comprising representatives of M/o Petroleum, OGRA, PSO,  M/s A.F Ferguson, M/o Maritime Affairs and Finance Division to be headed by Deputy Chairman Planning to decide about tariff differential accumulated between 2012to 2020. – APP