The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved import of 200,000 tonnes of sugar and 400,000 tonnes of wheat and Rs24.555 billion supplementary grant for procurement of Covid-19 vaccines.
The meeting, presided over by Finance Minister Shaukat Tarin, waived duties on import of spray drones from China.
The ECC approved import of 200,000 tonnes of sugar with immediate effect through the Trading Corporation of Pakistan (TCP) out of an already approved quantity of about 600,000 tonnes for strategic reserves to contain price hike. The meeting was told that 100,000 tonnes of sugar had already been imported while tenders for another 200,000 tonnes had to be cancelled due to higher international prices that worked out at about Rs102-103 per kg.
The secretary of the industries and production ministry briefed the ECC about previous tenders floated for the purchase of sugar in the international market and the decision for cancellation of these tenders due to volatility in the prices of commodities in the international market, particularly caused by Covid-19 pandemic. He cited rising transportation cost and petroleum prices as factors contributing to price hike of food commodities in international market.