ECC decides to offer a price of 390 $/MT for the import of Russian wheat

ISLAMABAD – The Cabinet Economic Coordinating Committee decided on Friday that Russia may be offered the price of $390/- MT for importing wheat and the tender may be canceled if it does not accept not the offer.
Federal Finance and Revenue Minister Miftah Ismail chaired the Cabinet Economic Coordinating Committee (ECC) meeting. The Ministry of National Food Security and Research presented a summary of Russia’s milling wheat supply based on G2G. It was informed that in accordance with the decision of the Federal Cabinet by ECC on 2022-05-28 for the import of 3.00 MMT of wheat, TCP has started the process of importing wheat from the Russian government on the basis of G2G . In this context, a memorandum of understanding was signed between Russian SOE and TCP on 08-06-2022. Initially, the government of Russia proposed a wheat price of US$410/- MT.
A committee has been set up by the Prime Minister’s Office under the leadership of Tariq Fatemi, the Prime Minister’s Foreign Affairs Advisor, to negotiate with the Russian Embassy on the issue of the price of imported wheat. Meanwhile, the Russian delegation met with the Minister of Commerce and offered a reduced wheat price at US$405/-MT. Later, the price was further reduced to 400 US$/- MT. Finally, the Ministry of National Food Security and Research, on the recommendation of the Ministry of Commerce, submitted the price offered by M/s Prodintorg, a Russian government state-owned enterprise at 399.50 USD/- MT for a supply of 120,000 MT +/- 5% MOLSO Milling Wheat through G2G arrangements for Cabinet ECC review.
It was observed during the ECC meeting that there is a downward trend in the price of wheat which may decline further in the coming days. It was therefore decided that the Russian side could be offered the price of 390 US$ and the offer could be canceled if it does not accept the offer.
Federal Minister of Energy Khurram Dastgir Khan, Tariq Fatemi SAPM, Minister of State for Petroleum Musadik Masood Malik, Special Assistant to the Prime Minister on Government Effectiveness Dr Muhammad Jehanzeb Khan, PM Coordinator on Economy Bial Azhar Kayani , federal secretaries and other senior officers attended the meeting.

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