June 30, 2010

The Economic Coordination Committee has postponed the import of wheat, and instructed the Ministry of Trade to conduct further investigation on the import details within two weeks.

Minister of Finance Dr Abdul Hafeez Sheikh inquired from the Ministry of Trade officials that if they have to sell Pakistani wheat at cheaper rates in the global market and also bear a loss of Rs 18.17 billion (US$0.21 billion), then the local people should be given home-grown wheat too.

The committee was told that most industries have performed better this year as compared to last year. Their production stands at a 4% increase and is not showing negative growth anymore.

The committee has formed another committee which will prevent inflation on food items in the coming month of Ramadan. This committee will be headed by Minister of Industries and Production Hazar Khan Bajrani.

The loan for the expansion of Karachi Port Trust from the World Bank at an interest rate of 8.2% is also approved.

The committee's special meeting will now take place on Thursday (July 1).