ECC approves wheat procurement targets for 2024

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has given its nod to the fixation of wheat procurement targets for Pakistan Agricultural Storage & Services Corporation Limited (PASSCO), Sindh, and Balochistan, alongside cash credit limits.

During the meeting, chaired by Finance Minister Muhammad Aurangzeb for the second consecutive day, the Ministry of National Food Security and Research presented a summary outlining the wheat procurement targets for 2024, along with cash credit limits.

Officials highlighted that the public sector, including PASSCO and provincial governments, procures local wheat at support prices established by the Federal Cabinet. This initiative aims to stabilize wheat prices and ensure fair returns to farmers’ post-harvest.

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PASSCO procures wheat from Punjab, Sindh, and Balochistan, distributing it to deficit provinces and areas, while also maintaining strategic reserves.

Similarly, provincial food departments procure wheat from local growers and release it to flour mills according to approved release policies.

For 2024, procurement targets stand at 2.45 million metric tons (MMT), with PASSCO, Sindh, and Balochistan contributing 1.40 MMT, 1.00 MMT, and 0.050 MMT respectively. The allocated cash credit limits are Rs169.00 billion for PASSCO, Rs100.00 billion for Sindh, and Rs5.70 billion for Balochistan.

The government awaits Punjab’s response regarding its procurement targets for the year, noting that last year’s target was set at 4.50 MMT.