Summary on supply of wheat from Russia submitted to ECC

ISLAMABAD – Ministry of National Food Security and Research (NFS&R) submitted a summary on supply of wheat from Russia on G2G basis to the Economic Coordination Committee (ECC) of the Cabinet.

The committee which met with Federal Minister for Finance and Revenue Miftah in the chair was informed that in compliance with the decision of the Federal Cabinet for the import of 3.00 MMT of wheat, TCP initiated the process of import of wheat from Russian Government on G2G basis, said a press release.

In this context, MOU was signed between Russian SOE and TCP on June, 8. Initially, government of Russia offered wheat price US$ 410/- MT.

A committee was constituted by the PM office under Tariq Fatemi, Advisor to the PM on Foreign Affairs to negotiate with the Russian Embassy on the price issue of imported wheat.

Meanwhile, Russian delegation met with the Minister for Commerce and offered a reduced price of wheat @ US$ 405/-MT. Later on the price was further reduced to US$ 400/- MT.

Finally, Ministry of National Food Security and Research on the recommendations of the Ministry of Commerce submitted the price offered by M/s Prodintorg, a state-owned company of Government of Russia @ US$ 399.50/- MT for supply 120,000 MT +/- 5% MOLSO of milling wheat through G2G arrangements for the consideration of the ECC of the Cabinet.

It was observed in the meeting that there is declining trend in the wheat price which may further reduce in the coming days. It was therefore decided that Russian side may be offered the price of 390 US$ and tender may be cancelled if they do not accept the offer.

Federal Minister for Power Khurram Dastgir Khan, Tariq Fatemi SAPM, Minister of State for Petroleum Musadik Masood Malik, Special Assistant to the Prime Minister on Government Effectiveness Dr. Muhammad Jehanzeb Khan, Coordinator to the PM on Economy Bial Azhar Kayani, Federal Secretaries and other senior officers attended the meeting.