Govt to Import 300,000 Tons of Wheat Through TCP

The government, through the Trading Corporation of Pakistan (TCP), has issued an international tender for the import of 300,000 tons of wheat. TCP will receive bids from international suppliers till 26 September. The bidding process will also be opened on 26 September. TCP had procured 250,000 tons of wheat through a previous tender at the rate of $407 per ton. Pakistan Agricultural Storage & Services Corporation (PASSCO) is lifting the stock from TCP. As per TCP sources, the government is importing wheat to overcome the shortage and build up strategic reserves. The Economic Coordination Committee (ECC) of the Cabinet on August 30, approved a summary to maintain the country’s wheat reserves at 2 MMT in addition to ordering imports of the grain from various sources. Ministry of National Food Security had suggested to increase national wheat strategic reserves. The ministry informed that the current quantity of wheat stocks is insufficient in the wake of the recent floods due to which farmers have incurred financial damages that add to the issues of rising local wheat prices as well as hoarding and smuggling. The ECC approved the revision of an earlier decision to import 3 MMT of milling wheat and allowed the maintenance of strategic reserves at the suggested level.