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pakistan
Monday Jan 20 2020
By
Web Desk

ECC approves import of wheat without regulatory duty on emergency basis

By
Web Desk
December 23 - Adviser to the Prime Minister on Finance & Revenue Dr. Abdul Hafeez Shaikh chairing the meeting of the Economic Coordination Committee (ECC) of the Cabinet.

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet on Monday approved a proposal recommending the import of wheat without regulatory duty on an emergency basis. 

The decision was made at a meeting of the ECC held in Islamabad on Monday afternoon under the chair of Adviser to the Prime Minister on Finance Abdul Hafeez Sheikh. The ECC approved the import of 0.3 million metric tons of wheat.

According to a report in The News, 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. 

Also read: Wheat prices to start declining from Monday, says food security minister Khusro Bakhtiar

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. 

Two official sources told The News last week that several high-ranking officials had warned the government of the possibility of a wheat crisis as early as September last year. However, the government failed to take appropriate measures to avert the crisis. 

Also read: Wheat prices skyrocket across the country

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, Punjab had imposed a ban on inter-provincial movement of wheat. Keeping in view this whole situation, profiteers and hoarders started exploiting the situation and stock piling wheat. 

When contacted, a top official of the government said the federal government could not be held responsible for the crisis because it was the domain of the provinces to procure wheat. 

Originally published in The News