Ban on Wheat export lifted
By Asad Cheema

ISLAMABAD—The Economic Coordination Committee of the Cabinet (ECC) here on Wednesday allowed export of half a million tonnes wheat from its surplus stock of 1.5 million tonnes.
The ECC met here under the chairmanship of Prime Minister Shaukat Aziz. who directed the relevant authorities that export of wheat should not put any pressure on the domestic prices and any hoarding of the commodity should be strictly checked to maintain prices for the benefit of consumers.
He also told them that decision of wheat export would help procure wheat from the farmers at good prices and this will benefit them. Later Advisor Finance Ministry, Dr.Ashfaq Hassan Khan briefed the media about decisions taken in the meeting at a press conference here.
Principal Information Officer (PIO) Rashid Chaudhary was present on the occasion. Dr.Ashfaque said that ECC expected good wheat crop this year because of timely rains in the country. He said that ECC was told that there is sufficient stock of 1.5 million tonnes wheat stock in the country. “The government will always maintain a sufficient stock to maintain price stability in the country”, he remarked. The ECC, he said noted that there is global shortage of wheat in the international market and there is also a great demand for wheat internationally.
Dr.Ashfaque said that Prime Minister briefed the ECC about the latest economic analysis report of “Goldmansack” . The Prime Minister informed the meeting that in 2001 report of the organization identified four fast emerging economies in the world including Brazil, Russia, China and India. He said that according to the report these four countries would be the key economic players of the world economy and their GDP will increase even from the GDP of the G-6 developed countries including United States (USA) by the year 2041. The ECC, he said also noted that Goldmansack has also included eleven new fast growing economies of the world including Pakistan and called it N-11. The report said these N-11 fast growing economies of the world will play a key role in the international economy. The Goldmansack report said that Pakistan will achieve a growth rate of 6.8 percent in next forty five years and its per capita income will increase from US $ 737 in 2005 to US $ 7753 per capita by the year 2050.
The organization, Dr.Ashfaque said further expected that if Pakistan achieves its macro-economic, political and technical development in human resources , it GDP will further increase to 8 percent. The ECC noted with satisfaction that prices of items including essential food items are lower in Pakistan than India. Advisor Finance Ministry Dr. Ashfaque Hassan Khan said that ECC as usual reviewed the price situation of different commodities. The ECC noted that the week ended on December 21 the Sensitive Price Indicator (SPI) for the lowest income group had registered a decrease of 0.066 percent as compared to previous week.