The federal government has decided to import 1 million tons of wheat priced at roughly Rs. 86 billion with the required approval contingent on the meeting of the Economic Coordination Committee (ECC) today, well-informed sources told ProPakistani.
This comes in response to the government’s inability to meet the wheat production targets amid hoarding practices that hindered domestic wheat supplies.
According to credible sources, the Pakistan Agricultural Storage and Services Corporation (PASSCO) fell short of achieving its targeted wheat purchase. Specifically, only 75 percent of the target was achieved, prompting the government to consider alternative measures to ensure an adequate supply of wheat.
The Ministry of Finance has put forward a recommendation to import wheat through government-to-government (G2G) agreements and open tenders. Simultaneously, the Ministry of Food Security has suggested that the private sector be encouraged to partake in wheat importation, with potential support for this initiative, sources added.
The imported wheat, which will be sourced from the international market, is expected to arrive in Karachi at an estimated cost of Rs. 86,811 per ton (Rs. 86.8 billion ~1 metric ton). The decision to import wheat from the global market is based on securing the commodity at the most favorable prices available.
Sources said the final approval for importing the required amount of wheat will be deliberated upon by the ECC, and the Ministry of National Food Security’s summary will be reviewed during the apex committee’s session today.
Source: Pro Pakistani