ECC to consider import of wheat to mitigate crisis: report

December 23 - Adviser to the Prime Minister on Finance & Revenue Dr. Abdul Hafeez Shaikh chairing the meeting of the Economic Coordination Committee (ECC) of the Cabinet.

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet is scheduled to meet today during which it is expected to discuss a proposal for importing wheat in order to avert a looming wheat shortage in the country. 

According to a report in The News, the government has decided to consider the proposal even though sufficient stocks of the commodity are available in order to save consumers from soaring wheat prices. 

The report published on Monday claimed that the government will green-light an import of 0.2-0.3 million tons of wheat. The move will maintain minimum stocks of wheat at 0.2 million tons. 

Also read: Wheat prices to start declining from Monday, says food security minister Khusro Bakhtiar

Central Asian republics, Australia or other countries with surplus wheat production might be approached for the import, the English daily said. The ECC meeting will be chaired by Adviser to the Prime Minister on Finance Abdul Hafeez Sheikh. 

Two official sources told The News last week that several high-ranking officials had warned the government of the possibility of a wheat crisis as early as September last year. However, the government failed to take appropriate measures to avert the crisis. 

The prices of wheat, flour had started escalating in different parts of the country since September/October last year, and the problem has now become a full fledged crisis, The News claimed. 

Also read: Wheat prices skyrocket across the country

Initially, the crisis appeared when the Sindh province decided not to procure wheat because different officials were facing corruption probes on account of procurement of wheat. 

Meanwhile, Punjab had imposed a ban on inter-provincial movement of wheat. Keeping in view this whole situation, profiteers and hoarders started exploiting the situation and stock piling wheat. 

When contacted, a top official of the government said the federal government could not be held responsible for the crisis because it was the domain of the provinces to procure wheat.