Finance Minister Muhammad Aurangzeb on Wednesday virtually chaired a meeting of the Economic Coordination Committee (ECC) of the federal cabinet, taking up a summary seeking the import of wheat to make up shortages of provinces.
According to a statement issued by the Finance Division, the ECC took up a summary submitted by the National Food Security and Research Division regarding the demand for wheat by provinces. It approved the proposal to constitute a steering committee comprising relevant ministers and officials under the chairmanship of Deputy Prime Minister and Foreign Minister Ishaq Dar.
The committee, per the statement, would conduct the need assessment and devise operational mechanism for the import of wheat, as demanded by provinces.
Reportedly, the approval has been linked to letters of credit of an estimated $340 million value on behalf of provinces that have demanded the commodity. The total proposed import stands at 1 million tons. The requirement for letters of credit aims to ensure provinces pay for their required imports.
In recent weeks, wheat flour prices have spiked by roughly 74% amidst reports of shortages. The shortage follows claims by provincial governments, particularly Punjab, of a “bumper” crop this year.