ECC Allows Duty-Free Import of 180,000 MT of Wheat from Russia

Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Cabinet Division.

ECC considered and approved the import of 180,000 MT of wheat from Russia on GTG basis waiving off all taxes/levies duties on GTG import of wheat. The forum was informed that about 5 million tons of wheat is available with the public sector in stocks.

In terms of import 430,000 tons has already been imported by the private sector and another 1.1 million tons is expected to be imported by the end of December 2020.

ECC also allowed the exemption from sales tax on supply of sugar imported through Trade Corporation of Pakistan of upto 300,000 MT and allowed the amendment of SRO 751(1)/2020 dated August 20, 2020 of the Revenue Division for the purpose.

Pakistan also plans to import 1.5 million tons of wheat through the state-run Trading Corporation of Pakistan, while more than 1 million tons of the grain will be imported by the private sector.

Syed Fakhar Imam, Federal Minister for National Food Security and Research, has mentioned that 18 vessels have been booked for 1.092 MMT of imported wheat by the Private sector till January.

Out of which 7 vessels carrying 0.432 MMT are already at here. He mentioned that TCP has agreed to import 0.330 MMT of wheat which is expected to arrive from October 2020 to January 2021. And next tender of TCP for 0.30 MMT will be opened on the coming Monday.

The current position of wheat stocks includes Punjab with 3,059,219 tonnes, Sindh with 1,259,395 tonnes, KPK with 90,109 tonnes, Balochistan with 65,082 tones and PASSCO with 701,259 tones.

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