Govt Will Not Procure Wheat This Year, PASSCO Being Wound Up

Federal Minister for Parliamentary Affairs Dr. Fazal Chaudhry informed the National Assembly on Friday that the government will not be purchasing wheat during the current year. Responding to questions during the question hour, he said that although the government will not procure wheat, farmers who are able to store their produce in their own warehouses will be compensated. The minister said that wheat is currently performing well in the open market, which is benefiting farmers and improving their income. He added that there are no restrictions on the movement or transport of wheat across the country. He said the Pakistan Agricultural Storage and Services Corporation (PASSCO) is not involved in wheat procurement this year, and its continued operation is no longer considered viable. As a result, the government has decided to close down PASSCO. A consultant has been appointed to assess the value of PASSCO’s assets, which will be sold off in a transparent manner. The government has hired TAGM & Co to handle the evaluation and develop a winding-up plan within three months. The firm will assess the total value of PASSCO’s assets, including offices and warehouses. Dr. Fazal said the decision follows the Prime Minister’s directive to the Ministry of National Food Security and Research (MNFS&R) to finalize a proposal for PASSCO’s closure. The directive also includes finding an alternative mechanism to maintain strategic wheat reserves, potentially through private sector involvement in consultation with the Ministry of Finance. He assured that the disposal of PASSCO’s assets will be carried out according to existing rules and policies, ensuring transparency throughout the process.