Afghanistan, Aug. 9 -- ISLAMABAD, Pakistan - Pakistan on Friday rejected Russia's offer to supply 120,000 metric tons of wheat at a price of $399.50, according to sources, negotiating further reduction of 2.4% in the rate as the country's economy continue to falter.

Economic Coordination Committee (ECC) of the Cabinet made the decision after consulting with Prime Minister Shehbaz Sharif, which was presided over by Finance Minister Miftah Ismail.

Russia had made the final offer to supply the wheat at $399.50 per metric ton under the government-to-government deal. But ECC negotiates for the price of $390, saying there is a declining trend in the price of wheat that may further reduce in coming days.

"The ECC decided that the Russian side...