The Economic Coordination Committee (ECC) has decided to approve the import of $221.5 million, or Rs50 billion, worth of wheat and urea fertilizer in a bid to ensure food supplies.
In a meeting of the ECC led by Finance Minister Miftah Ismail, the decision to allow the import of wheat and urea was taken, despite the on-going concern about the shrinking foreign reserves, as the issue of food security was of equal importance.
During the meeting it was also decided to raise electricity prices for K-Electric consumers by Rs1.55 per unit for three months, according to a report by Express Tribune.
According to the Ministry of Finance, 300,000 tons of wheat at $404.86 per ton were approved by the ECC. The wheat would be imported on a cost and freight (C&F) basis through the Letter of Credit (LC), which will cost the national exchequer $121.5 million, or Rs 27.4 billion at Wednesday’s exchange rate.
Pakistan is experiencing a wheat shortage of at least three million tons, and the as per the government's approval, 800,000 tons will be imported.
The ECC also approved import of 200,000 tons of urea from China on deferred payment, subject to the condition that the cabinet would approve a Rs 22 billion supplementary grant for the urea import with foreign exchange cover of $100 million, which has not yet been allocated in the budget for 2022-23.
In a meeting of the ECC led by Finance Minister Miftah Ismail, the decision to allow the import of wheat and urea was taken, despite the on-going concern about the shrinking foreign reserves, as the issue of food security was of equal importance.
During the meeting it was also decided to raise electricity prices for K-Electric consumers by Rs1.55 per unit for three months, according to a report by Express Tribune.
According to the Ministry of Finance, 300,000 tons of wheat at $404.86 per ton were approved by the ECC. The wheat would be imported on a cost and freight (C&F) basis through the Letter of Credit (LC), which will cost the national exchequer $121.5 million, or Rs 27.4 billion at Wednesday’s exchange rate.
Pakistan is experiencing a wheat shortage of at least three million tons, and the as per the government's approval, 800,000 tons will be imported.
The ECC also approved import of 200,000 tons of urea from China on deferred payment, subject to the condition that the cabinet would approve a Rs 22 billion supplementary grant for the urea import with foreign exchange cover of $100 million, which has not yet been allocated in the budget for 2022-23.