Islamabad: The Economic Coordination Committee of the cabinet approved on Friday the purchase of 7.7 million tonnes wheat this year at the rate of Rs1,050 per 40kg, and government would guarantee Rs210 billion loans for the process.
Rs105 billion were allotted for Punjab in order to purchase four million tonnes wheat, while Rs31 billion for Sindh to purchase 1.3 million tonnes wheat. Khyber Pakhtunkhwa would buy 325 thousand tonnes wheat as Rs8.5 billion were allotted for the province. Rs2.5 billion would be given to Balochistan for the purchase of 0.1 million tonnes wheat.
The total wheat stocks at present are 4.4 million tonnes, from which one million tonnes wheat would be sold.
Rs59 billion bank guarantee was approved for Pakistan Agricultural Storage and Services Corporation (Passco) to purchase Rs2 million tonnes wheat.
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