Pakistan spends $1bn on wheat imports in 9MFY24

ECC allowed the private sector to import wheat in July 2023

Pakistan has imported wheat worth $1 billion in the first nine months (July-March) of the current financial year 2023-24 compared to $997 million in the same period of the last fiscal year.

The country has imported 3.4 million tonnes of wheat from July to March during the ongoing fiscal year.

On the recommendation of the Ministry of National Food Security and Research, the Economic Coordination Committee (ECC) of the cabinet allowed the private sector to import wheat from the international market without involving any subsidy. 

The ECC of the Cabinet in July 2023 asked the State Bank of Pakistan (SBP) to open of LC for wheat import.

Pakistan, an agro-based economy produced 27 million tonnes of wheat for domestic consumption in the current year, while it required 31 million tonnes of grain to feed its population.

The country was facing an estimated shortfall of 2.5 million tonnes of wheat, which is the staple food of most of the countrymen.

Earlier, a report from the Auditor General pointed out that the Trading Corporation of Pakistan (TCP) and the Pakistan Agricultural Storage and Services Corporation (PASSCO) imported expensive wheat resulting in losses of billions of rupees to the national exchequer.

The people had to purchase wheat flour at a very expensive price, the Auditor General disclosed in the annual report.

The report also pointed out that the private sector imported wheat on a cheaper price than the TCP and the PASSCO.

According to the report, the national exchequer suffered 31.32 million US dollars in loss owing to wheat import at inflated rates.

The audit report focused on the import data of wheat from Year 2017 to 2022.

3 COMMENTS

  1. Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. It’s hard to know how to get started. Trading on the Cryptocurrency market has really been a life changer for me. I almost gave up on crypto at some point not until saw a recommendation on Elon musk successfully success story and I got a proficient trader/broker Mr Bernie Doran , he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. I’m not here to converse much but to share my testimony; I have made total returns of $20,500.00 from an investment of just $2000.00 within 1 week. Thanks to Mr Bernie I’m really grateful,I have been able to make a great returns trading with his signals and strategies .I urge anyone interested in INVESTMENT to take bold step in investing in the Cryptocurrency Market, he can also help you RECOVER your lost Cryptocurrencies. you can reach him on his Gmail : BERNIEDORANSIGNALS@ GMAIL. COM
    , bitcoin is taking over the world, tell him I referred you

  2. HOW I FINALLY RECOVERED MY LOST BITCOIN:
    Do you need help on how to recover lost or stolen Bitcoin from fake  investment scammers? I lost all my Bitcoin to a fake investment scam to someone I met online. After losing my Bitcoin investments, I was determined to find a solution. I started searching for help legally to recover my funds, and I came across a lot of Testimonies about  GEO COORDINATES HACKER. I am incredibly grateful for the exceptional service, and wanted to inform you all about this positive outcome. They emphasized their excellent strategy for Bitcoin recovery. In order to assist people and companies in recovering their lost or stolen cryptocurrencies. They guarantee that misplaced bitcoins have an opportunity to be recovered with their excellent services. If you or anyone you know ever finds yourselves in a similar unfortunate situation, I highly recommend reaching out to GEO COORDINATES HACKER. Contact Info Email:
    [email protected] )
    Email; ( [email protected] )Telegram ( @Geocoordinateshacker )Website; https://geovcoordinateshac.wixsite.com/geo-coordinates-hack

  3. I wanted to take the time to properly thank the team at J E T H A C K S R E C O V E R Y C E N T R E who have been nothing short of exceptional and I cannot recommend them highly enough. I was involved in a messy financial investment with a dishonest company, and to their immense credit the team didn’t judge but listened to my situation, provided unbiased and sound professional advice and only then asked if I wanted to proceed. I work within the finance industry, & was dubious of the potential to assist with my circumstances, but due to the excellent service recommendation from a friend and having exhausted all avenues to fight it myself, I hesitantly decided to hire J E T H A C K S R E C O V E R Y C E N T R E to fight on my behalf. The team’s role in the recovery exercise was crucial, in fact it was the only role as they worked on my behalf while I watched the team perform what seemed impossible to previous recovery agents & today, am delighted to report that the team successfully traced and recouped back my funds from the fraud company accounts and into my bank account. I simply cannot thank the team enough for their professionalism, diligent dedication and tenacious attention to making sure my funds were swiftly retrieved . If you have a financial investment problem and are willing to recover it back, I cannot think of a better firm to have on your side than J E T H A C K S R E C O V E R Y C E N T R E and it’s team of proved professional hackers that have got the ability and knowledge to trace down every form of transaction and possibly have them reverted, they are available on the below contact informations,
    Email: J e t h a c k s 7 @ g m a i l . Com
    Telegram : J e t h a c k s s

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Pakistan’s gas transmission system at risk as line pack pressure surges...

Pipeline is at risk of bursting as gas pressure rises above 5 bcf mark mainly due to reduced usage of RNLG by power sector, says top official