April 16, 2002	Tuesday	Safar 2, 1423

ISLAMABAD, April 15: The Economic Coordination Committee, in its meeting on Tuesday, is likely to approve wheat procurement target of 5.5 million tons for this season. The Punjab would increase its procurement by one million ton from 2.5 million ton while Passco would procure 1.5 million tons, sources told Dawn.

The committee would also give formal approval to Rs3,500 per ton rebate as “upgradation cost” on wheat export through sea-route to dispose off carry-over stocks of around two million tons, the sources said.

The government is of the view that unless existing stocks were cleared it would not be possible to procure fresh stocks that would create a crisis-like situation of last year. The farmers faced a lot of difficulties last year because there was a bumper crop and millers did not have enough storage capacity to lift wheat. A sizable quantity of wheat was destroyed while lying in the open.