PASSCO

AcronymDefinition
PASSCOPersonnel Administrative Services Steering Committee (California)
PASSCOProfessional Associates and Software Systems Consultants
PASSCOPakistan Agricultural Storage & Supplies Corporation
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ISLAMABAD, May 15 -- The Pakistan Agricultural Storage and Services Corporation Limited (PASSCO) is confronting a shortfall of Rs 13 billion in completing the wheat procurement target of 1.6 million tonnes for the year 2010, sources told Daily Times here on Friday.
With a view to maintain strategic reserves, ensure food security and a fair return to the farming community, the provincial food departments and the Passco procures wheat every year at a minimum guaranteed price from the farmers.
Passco has been granted permission to initiate a fresh bidding process for export of 0.5 million tons of wheat to clear the surplus stock.
He informed that in terms of storage capacity Punjab has 3.5 million tons storage capacity, PASSCO and Sindh have 1.5 million tons storage capacity while KP has the storage capacity of only 1 lac tons.
They said the Punjab food department and PASSCO would purchase the grains at higher rates and then subsidise the sale of the commodity, but the private sector could not do so, urging the federal government to give a unified procurement policy for the whole country.
Passco the state-owned agency responsible for maintaining stocks of wheat and other crops to avert shortage in the country and also responsible for conducting import and export operations for crops achieved the Rs32,759 per ton price for wheat export in January through open bidding for 100,000 tons and wanted to sell another half a million tons at the same price.
According to FIA sources, Inspector Insar Abbas along with magistrate raided at PASSCO Centre Pakpattan and arrested in-charge Niaz Ahmed Dogar and his private assistant namely Kashif.
Now, Passco has reduced the selling price of the wheat yield from Rs1,300 to Rs1,280 per mound (40kg) following the prevailing situation in the local market.
The Corporation had been assigned a task to procure about 900,000 metric tons of the wheat during crop season 2017-18 in order to fulfill the domestic requirements of the staple foods as well as to keep the strategic food reserves of the country, said an official of PASSCO.
When asked about total requirement of wheat in KP, he informed that there were shortages of wheat around 30 to 35 million ton, which is fulfilling from procurement from Passco and local purchase from Punjab.
The report said that Passco suffered huge losses because the paddy, particularly purchased in Sindh, was of poor quality, wet and sub-standard.
He said that at present PASSCO had 1,456,000 tons of wheat stock which was being replenished at a fast pace.