Pakistan’s Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, on Tuesday approved the sale of 500,000 metric tons of wheat reserves held by Pasco.

The sale will be conducted on a first-in, first-out basis through competitive bidding, the committee said. The new reserve price for local wheat has been set at Rs 4,150 per maund, while imported wheat will carry a reserve price of Rs 3,800 per maund.

The ECC noted that the wheat sale process could not be completed earlier due to low bids. In view of available reserves and rising costs, the committee decided to proceed with the sale, the Ministry of Food Security said in a summary presented at the meeting.

The committee also approved a technical supplementary grant of Rs 536 million for the Pakistan Public Works Department (Pak PWD).

The funds will be released to the governments of Punjab and Khyber Pakhtunkhwa.

A report on the delay in the petroleum levy of C Energy Co. was postponed for further review. The meeting was attended by federal ministers, special assistants, and senior officials from relevant ministries.