Economic Coordination Committee approves 400,000 tonnes increase in wheat procurement target

The Economic Coordination Committee (ECC) of the cabinet on Tuesday approved 400,000 tonnes of additional wheat procurement by the Centre, allowed the import of 200,000 tonnes of urea, and sanctioned about Rs144 billion in supplementary grants. However, the ECC meeting, presided over by Finance Minister Muhammad Aurangzeb, did not immediately allow the supply of subsidised gas to domestic urea manufacturers. According to relevant ministries, this could have facilitated about 600,000 tonnes of local production — about 445,000 tonnes in Punjab and 165,000 tonnes in Sindh. An official statement said the ECC approved an increase in the wheat procurement target for Passco — the national agency that maintains strategic food stocks — from 1.4 million to 1.8 million tonnes, along with the required cash credit limit (about Rs41.5bn) to purchase additional quantity.