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ECC okays import of 3m tonnes of wheat

  ISLAMABAD: Pre-empting deficiency and rising costs, the Economic Coordination Committee (ECC) of the Cabinet on Saturday chose to import 2,000,000 tons of wheat on an administration to-government (G2G) premise, while 1m tons through a worldwide offering process under the current game plan . The ECC meeting managed by Finance Minister Miftah Ismail additionally endorsed valuable awards of almost Rs123 billion including one for installments to legal counselors affiliations and appropriation sum on oil based commodities differential cases of oil organizations. The gathering evaluated the wheat circumstance in the nation and guided the Ministry of Food Security to get the necessities of wheat by the common state run administrations. Passco ASSCO will be the beneficiary office for the imported wheat. Wheat creation diminished from 27.5m tons in 2020-21 to 26.4m tons in 2021-22. Pulls out obligation on palm oil imports to cut down nearby costs The ECC after thought permitted the contin...
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Meteoric dollar shatters all records, hits Rs200 in interbank

  The US dollar arrived at the alarming achievement of Rs200 in interbank exchanging on Thursday morning, acquiring Rs1 from the earlier day's end of Rs199, information by the Forex Association of Pakistan (FAP) showed. As per the FAP, the US money had arrived at the Rs200 mark — an unsurpassed high — around 11am. A day prior, the greenback had made a huge increase of more than Rs2 from Tuesday's nearby and settled at Rs199 at the meeting's end, which was the most recent in a line of record highs that the US money has been hitting since last Tuesday. While the FAP recorded the earlier day's end rate at Rs199, information delivered by the State Bank of Pakistan expressed the end rate as Rs198.39 — still astoundingly near the Rs200 achievement that the global cash was being expected to arrive at before in the day by virtue of the nation's rising import bill, developing current record deficiency and exhausting unfamiliar trade holds. The dollar's worth previously a...
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Oil imports facing foreign exchange constraints

  ISLAMABAD: Amid rising appropriation allotments, the oil business is presently confronting difficulties in organizing worldwide funds for import of rough and oil items. Informed sources let Dawn know that the Petroleum Division had informed the state leader and money serve that game plans of oil imports were getting extreme continuously as unfamiliar banks were not giving funding against letters of credit (LCs) opened by oil showcasing organizations (OMCs) and processing plants with the neighborhood banks. A senior authority let Dawn know that with the exception of two enormous organizations — Pakistan State Oil (PSO) and Pak-Arab Refinery Limited (Parco) — all OMCs and processing plants were attempting to orchestrate import of oil based goods and rough. The sources said around six-seven freights worth $50-75 million each ($350-500m combined) contingent upon size and item were held up at present in light of the expanded gamble following a few basic explanations from the significa...
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