ECC approves export of 0.5 million tons of surplus wheat

ISLAMABAD: The Economic Coordination Committee on Tuesday approved Ministry of National Food Security’s proposal for allowing the export of 0.5 million tons of surplus wheat/ wheat products by PASSCO for which it had received tenders.The decision was made keeping in view the rising prices of wheat in the international markets, sufficient available stocks (1.7 million tons) and the predictions of a good crop in the current crop season. Finance Minister Asad Umar chaired the ECC’s meeting.The Ministry of Energy, Power Division gave a detailed presentation on the current situation of Circular Debt and the components that have contributed to its build up. The ECC after detailed discussion, allowed the ministry to proceed with the raising of syndicated Islamic Term Finance Facility of Rs.200 billion for which term sheet had already been received from a Consortium of Islamic Banks. The ITT ministry (Information Technology and Telecommunications) briefed the meeting on the annual budget of NTC. The Committee after discussion directed the Ministry of ITT to address the management issues of the NTC on priority, in view of the unsatisfactory responses to the queries raised by members of the ECC.

from The News International - Business http://bit.ly/2SjINEO