April 12, 2011
 

Pakistan to export wheat in storage

Pakistan's Economic Coordination Committee (ECC) of the Cabinet on Monday (Apr 11) gave the green light for Pakistan Agricultural Storage and Services Corporation (PASSCO) to export 200,000 tonnes of wheat lying in its storage.

The ECC, which convened a meeting chaired by Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh, has given approval for the summery of the Ministry of Food and Agriculture to allow PASSCO to sell 20,000 tones of wheat lying in its stores. The Finance Division has already given its approval on it.

Furthermore, the committee also set up committees for the further consideration and discussion on the summaries proposed by the Ministry of Food and Agriculture, Ministry of Industry of Production, on the cost of Wayen Poly Purphelane Bags, and subsidy on sale price of imported urea.

In the meantime, the ECC also gave approval for the summery, moved by the Ministry of Finance that institutional investment in the National Savings Scheme should be stopped except that individual funds like pension, gratuity, superannuation, contributory provident funds and trusts held by the institutions, might be allowed for investments in NSS.

It might be reminded that the proposal was earlier submitted to the Prime Minister by the Finance Division who had wanted that the same may be put up in the ECC for discussion.