ISLAMABAD: As there are wheat shortages in Gilgit Baltistan following the short supply, the Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved additional supply of 25000 MT to meet the required quota of the commodity in coming months especially during the holy month of Ramadan.
For supplying the additional wheat, ECC, which was chaired by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, has approved a supplementary grant of Rs 2.9 billion.
As per details the ECC considered a summary of Ministry of Kashmir affairs and Gilgit-Baltistan on Wheat supply to Gilgit-Baltistan and approved immediate release of 25,000 MTs to GB for the months of March and April, 2023 to avoid shortage of wheat in the region, especially during the holy month of Ramzan.
Keeping in view current wheat prices, the ECC granted an additional amount of Rs. 2.9 billion through Technical Supplementary Grant to meet urgent requirements of Gilgit- Baltistan. The ECC further directed the Ministry of KA & GB to submit a comprehensive plan for price rationalization in consultation with concerned stakeholders for consideration of the ECC within 30 days.
It may be added here that for increasing the price of the largely consumed commodity in the center, the allocated subsidy of Rs 8 billion in the federal budget was not enough to purchase the required quantity of wheat in GB, thus creating a severe shortage.
Since the region has also supplied the imported wheat, the price difference has made it difficult to purchase the required quota of wheat for GB under the allocated budget (subsidy). However, the center, while approving the additional quota of wheat, has directed the GB government to increase/ rationalize the existing price of the commodity in the area to avoid further grant and subsidy.
Meanwhile during the meeting of ECC Ministry of Energy (Petroleum Division) submitted a summary on credit facility from Kuwait and presented that the Government of Pakistan is utilizing a credit facility extended by Kuwait Petroleum Corporation (KPC) against supply of Diesel Oil under the term contract with PSO since 2000 and the term contract is extended every year. PSO deposits Rupee equivalent with NBP after 30 days from the bill of lading date of each shipment and NBP transfers the cargo cost to KPC, Kuwait. In the current situation, this account has witnessed huge exchange losses due to upheaval in the Rupee-dollar parity during the last 12 months.The GoP is committed to cover these exchange losses. Considering the above situation, the ECC approved an immediate technical supplementary grant of Rs. 27 billion for Kuwait Petroleum Company.
The ECC on Tuesday was attended by Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister for Industries and Production Syed Murtaza Mahmud, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Federal Secretaries and other senior officers.
