PASSCO

Introduction

PASSCO was established in 1973 and commenced its operations in May, 1974. It was registered as a Public Limited Company with authorization of Rs. 100 million and paid up capital of Rs. 30 million. 75% of paid up capital was contributed by five Commercial Nationalized Banks and ADBP (now ZTBL) and balance 25% was subscribed by the Federal Government. The Board of Directors (9 in No), who are appointed by the shareholders, control the Corporation. Secretary, Ministry of National Food Security & Research is the Chairman of the Board of Directors and Managing Director is Ex-officio Director on the Board.

Under the direction of Government of Pakistan, PASSCO play a key role in provision of Food Security at National Level.

Within the ambit of its mission, functions assigned to PASSCO are:-

• Procurement of Wheat and, when called upon, other agriculture commodities.
• Implementation of Government policy of Support Price for wheat, paddy, gram, potato, onion and any other specified agricultural commodity.
• Storage of wheat and its release to deficit provinces/regions and Defence Forces throughout the year on the direction of Federal Government.
• Maintenance of Strategic Reserves as per policy spelled out by Federal Government.
• Curtailing Role of Middlemen.
• Price Stabilization by intervention in local market, on the instructions of Federal Government.
• Undertake import/exports, on instructions of Federal Government.
• Construction of modern storage facilities to minimise storage losses.
• Collaboration with Agribusiness Agencies.