PM seeks report on buffer stock of wheat

ISLAMABAD: Prime Minister Shehbaz Sharif has sought a report on the buffer stock of wheat in the country.

The prime minister on Tuesday presided over a review meeting on the current reserves of wheat in the country, potential demand, and import tenders.

The meeting was informed that under the government’s agreement with Russia, progress is being made on the import of two million metric tons of wheat, which is in the final stages.

The meeting was further told that wheat production in the country was estimated at 26.389 MMT while the previous year’s reserves were 1.806 MMT. The total reserves are 28.199 million metric tons against the total national demand of 30.79MMT.

To eliminate the gap between demand and reserves, the government has decided to import wheat in a timely manner through the Economic Coordination Committee (ECC) of the Cabinet.

The meeting was informed that in the second tender after the first batch, in the light of the instructions of the prime minister and the efforts of the government $34.54 per metric ton was saved on the import of 300,000 metric tons. A total of $10.3 million was saved.

Besides, the meeting was informed in detail about the progress on the import of wheat through Gwadar port.

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The prime minister issued instructions that measures should be taken to ensure the import of wheat through Gwadar port.

The Ministry of Food Security and all relevant ministries and authorities will reduce the cost per ton in the tender.

The meeting was attended by federal ministers, Miftah Ismail, Syed Naveed Qamar, Tariq Bashir Cheema, and the concerned officials.

Copyright Business Recorder, 2022