Russian Wheat Supply
Pakistan snubs Russian wheat supply offer
Islamabad: Pakistan on Friday rejected Russia's offer to supply 120,000 metric tonnes of wheat at a price of $399.50, demanding a further reduction of 2.4 percent in the rate amid the decline in global commodity prices.
The decision was taken by the Economic Coordination Committee (ECC) of the Cabinet after consulting with Prime Minister Shehbaz Sharif. It was presided over by Finance Minister Miftah Ismail, The Express Tribune reported.
Russia had made the final offer to supply the wheat at $399.50 per metric ton under the government-to-government deal.
It was observed in the ECC meeting that there was a declining trend in the price of wheat which may further reduce in the coming days, according to a statement issued by the finance ministry.
"The ECC decided that the Russian side may be offered the price of $390 and the offer may be cancelled if they (Russians) do not accept the offer,” it added.
Some members of the ECC were against the decision to reject the Russian offer because of the relatively thin position of the wheat stocks, the newspaper reported.
The government’s proposed price of $390 per ton is $9.5 or 2.4% less than the final Russian offer.
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