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Economic Coordination Committee Greenlights Wheat Procurement Targets for 2024

The Economic Coordination Committee (ECC) of the Cabinet, under the leadership of Finance Minister Muhammad Aurangzeb, convened for the second consecutive day on Friday, deliberating on crucial matters concerning wheat procurement targets for the year 2024.

Economic Coordination Committee Greenlights Wheat Procurement Targets for 2024

Sources reveal that the Ministry of National Food Security and Research presented a comprehensive summary outlining the fixation of wheat procurement targets for PASSCO, Sindh, and Balochistan, alongside the associated cash credit limit.

Highlighting the significance of public sector procurement, the meeting emphasized the pivotal role played by entities such as PASSCO and provincial governments in stabilizing wheat prices and ensuring equitable returns for farmers post-harvest.

PASSCO, entrusted with procuring wheat from Punjab, Sindh, and Balochistan, serves a critical function in maintaining strategic reserves and catering to deficit provinces/areas. Similarly, provincial food departments procure wheat from local growers and distribute it to flour mills by approved release policies.

The proposed procurement targets for 2024, as conveyed by PASSCO, Sindh, and Balochistan, stand at 2.45 million metric tons (MMT), with allocations of 1.40 MMT for PASSCO (Cash Credit Limit of Rs. 169.00 billion), 1.00 MMT for Sindh (CCL of Rs. 100 billion), and 0.050 MMT for Balochistan (CCL of Rs. 5.70 billion).

Awaiting a response from the government of Punjab, the meeting underscored the importance of coordinated efforts to meet wheat procurement targets effectively. Notably, Punjab’s procurement target for the previous year (2023) was set at 4.50 MMT, indicative of the scale and importance of wheat procurement operations in the region.

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The ECC’s approval of these targets signifies a concerted effort by the government to uphold food security, support agricultural livelihoods, and ensure stability in wheat markets across the country. As Pakistan navigates challenges in the agricultural sector, proactive measures such as these are vital for fostering sustainable growth and resilience in the face of evolving economic dynamics.

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