According to reliable sources, the federal government has decided to import 1 million tons of wheat worth approximately Rs. 86 billion, with the necessary approval contingent on today’s meeting of the Economic Coordination Committee (ECC).
Govt. To Meet The Wheat Shortfall
This is in response to the government’s failure to meet wheat production targets due to hoarding practices that hampered domestic wheat supplies.
According to reliable sources, the Pakistan Agricultural Storage and Services Corporation (PASSCO) did not meet its target wheat purchase.
Only 75% Target Achieved Locally
In particular, only 75% of the target was met, prompting the government to consider alternative measures to ensure adequate wheat supply.
However, the Ministry of Finance has proposed to buy wheat through government-to-government (G2G) agreements and open tenders.
Ministry of Food Security Proposal To Private Sector
Simultaneously, the Ministry of Food Security has proposed encouraging the private sector to participate in wheat importation, with potential support for this initiative, according to sources.
Moreover, the import wheat, which will be sourced from the international market, is expected to cost Rs. 86,811 per ton (Rs. 86.8 billion 1 metric ton) when it arrives in Karachi.
Wheat Import From Global Market
However, the decision to import wheat from the global market is based on the desire to secure the commodity at the best possible price.
According to sources, the ECC will consider the final approval for importing the necessary quantity of wheat, and the apex committee’s meeting today will include a review of the Ministry of National Food Security’s summary.
To read our blog on “Wheat flour prices in agricultural sector have risen by 132%,” click here.
