Passco to buy wheat from month-end

LAHORE, April 14: Pakistan Agricultural Storage and Services Corporation is all set to launch wheat procurement drive from the last week of the current month, claims Passco managing-director Sohail Shafqat. He was briefing members of the Agriculture Journalists Association here on Thursday. He said the corporation had been allocated a target of 1.3 million ton out of total national procurement target of 6.5 million ton. The corporation had divided its allocated target among the provinces — 1.26 million ton to Punjab and 40,000 ton to Sindh. He said the procurement in Balochistan, however, was subject to the provision of funds by the provincial food department. Nevertheless, the corporation had already established its zonal office at Dera Allah Yar and 14 purchase centres in Nasirabad, Jafarabad and Jhal Magzi districts. Passco had established 176 wheat procurement centres in Punjab, 11 in Sindh and 14 in Balochistan. Shafqat said the corporation would buy wheat at the officially sanctioned support price of Rs950 per 40kg. "We need Rs34 billion for procurement and negotiations with a consortium of banks have been finalised in this regard." In Punjab, the corporation had been allocated tehsils of Hafizabad, Pindi Bhattian, Gojra, Okara (including Renala), Pakpattan, Burewala, Mailsi, Mian Channu, Lodhran, Kehror Pacca, Bahawalnagar, Minchanabad, Alipur (including Jatoi), Khanpur and Layyah. Three tehsils of Sindh included Sobo Dero, Kandiaro and Sakrand. In addition to procurement of the current crop, he said the corporation's carryover stocks stood at around one million ton. Thus, at the end of the current procurement season, it would be carrying a stock of 2.3 million ton. "As a matter of policy, Passco keeps 500,000 ton as a strategic reserve and another 40,000 ton for Saarc Food Bank." He said gunny bags had been provided to procurement centres for distribution. The monitoring committees at the center level had also been constituted besides advertising the procurement procedure and policy and number of all the officers concerned for complaints, if any. Talking about loans of the corporation, he said it owed Rs58 billion to different banks against the procurement made during the last many years. "Passco is holding wheat and rice of equal worth of loans. The corporation is also undergoing restructuring process, and its staff has been reduced from 1,650 to 1,250 members. It will save around Rs150 million." Shafqat said construction of godowns for 440,000 ton had been approved by the Islamic Development Bank and work would hopefully start in the second half of the current year. "The corporation has also started construction of two additional storages in Layyah and Bhakkar districts."