AVN 64.76 No Change ▼ 0.00 (0%)
BAFL 31.49 Increased By ▲ 0.31 (0.99%)
BOP 4.79 Decreased By ▼ -0.03 (-0.62%)
CNERGY 3.85 No Change ▼ 0.00 (0%)
DFML 14.48 Increased By ▲ 0.48 (3.43%)
DGKC 41.65 No Change ▼ 0.00 (0%)
EPCL 46.81 Increased By ▲ 0.51 (1.1%)
FCCL 11.33 Decreased By ▼ -0.07 (-0.61%)
FFL 5.06 No Change ▼ 0.00 (0%)
FLYNG 5.82 Increased By ▲ 0.02 (0.34%)
GGL 10.46 Increased By ▲ 0.55 (5.55%)
HUBC 65.54 Increased By ▲ 1.34 (2.09%)
HUMNL 5.61 No Change ▼ 0.00 (0%)
KAPCO 27.73 Decreased By ▼ -0.09 (-0.32%)
KEL 2.16 Increased By ▲ 0.01 (0.47%)
LOTCHEM 24.40 Decreased By ▼ -0.10 (-0.41%)
MLCF 21.51 Decreased By ▼ -0.34 (-1.56%)
NETSOL 84.61 Increased By ▲ 0.31 (0.37%)
OGDC 87.02 Decreased By ▼ -0.09 (-0.1%)
PAEL 11.00 Increased By ▲ 0.05 (0.46%)
PIBTL 4.19 Decreased By ▼ -0.04 (-0.95%)
PPL 75.35 Decreased By ▼ -1.43 (-1.86%)
PRL 13.60 Decreased By ▼ -0.13 (-0.95%)
SILK 0.89 Decreased By ▼ -0.03 (-3.26%)
SNGP 41.27 Decreased By ▼ -0.33 (-0.79%)
TELE 5.84 Decreased By ▼ -0.11 (-1.85%)
TPLP 15.62 Increased By ▲ 0.01 (0.06%)
TRG 111.84 Increased By ▲ 0.59 (0.53%)
UNITY 13.97 Increased By ▲ 0.13 (0.94%)
WTL 1.17 Increased By ▲ 0.03 (2.63%)
BR100 4,064 Increased By 18.2 (0.45%)
BR30 14,468 Increased By 34.8 (0.24%)
KSE100 40,734 Increased By 113.6 (0.28%)
KSE30 15,230 Increased By 59.4 (0.39%)
Follow us

KARACHI: The private sector is seeking the federal government’s nod for the import of some 2 million metric tons of wheat without subsidy to avoid shortage in the domestic market.

The country has missed the wheat production target and the crop output was about 27 million tons for 2022 as against a target of 28.89 million metric tons. Overall, the country is facing a shortage of 3 to 3.5 million metric tons as the domestic wheat production was about 27 million metric tons as against consumption of over 30 million metric tons.

Accordingly, the federal government decided to import wheat from international resources and the Trading Corporation of Pakistan (TCP) was directed to import wheat aimed at to maintain the national wheat strategic reserves to the level of 2 million metric tons. So far TCP has finalized wheat import deals of over one million tons, out of which some 0.7 million metric tons of wheat has already arrived.

Now, Cereal Association of Pakistan (CAP) has requested the government for permission of 2 million metric ton import without subsidy.

In a letter sent to Chaudhary Tariq Bashir Cheema, Federal Minister for National Food Security & Research, Muzzammil R Chappal Chairman CAP has said that commodity traders are deeply concerned at unexpected and untimely decision wherein wheat import by the private sector was not permitted. Unfortunately, this has resulted in unprecedented price hikes in wheat, wheat flour (atta) and other wheat products across Pakistan due to limited availability of wheat, he added.

CAP believed that wheat and flour prices will continue to further increase due to wheat crop losses estimated as high as 30 percent due to recent flooding across the country. Wheat sowing, especially in Sindh, may be delayed as flood water may not recede for another 2-3 months.

Ministry for allowing TCP to award wheat import contract

“The shortage of commodity may worsen inflation outlook unless the private sector is immediately permitted to import wheat on first come first serve basis without any subsidies from the Government of Pakistan and waiving off all prevailing duties and taxes especially Sindh Infrastructure Cess”, he suggested.

According to CAP, its members have the capability to import from international market and distribute wheat quickly across the country. Chairman CAP has assured that commodity importers will not go beyond the approvals notified by the Federal Government.

He has requested the federal government for issuance of import permits without any hindrances or delays to bring down the commodity prices in the domestic market through open competition.

“We are ready to import without subsidy, but it needs timely confirmation and notification for import of wheat to meet the national requirements immediately”, he added. Chappal informed that on the request of CAP the Sindh government is also looking at wheat import opportunities and the Chief Minister has asked the Food Department (Sindh) for taking necessary action in the matter in accordance with relevant laws, rules and policy.

However, he said that the wheat import is the federal government’s domain and the province itself cannot import the wheat.

Copyright Business Recorder, 2022

Comments

Comments are closed.

Import of 2MMT of wheat: Private sector seeks to get the nod from govt

PM Shehbaz invites Imran Khan to all parties conference

Dar gives go-ahead to Saylani, other charities to help raise $2bn from overseas Pakistanis

New historic low: rupee settles at 271.36 against US dollar

Country can excel at nuclear power generation: PM Shehbaz

Pakistan expects 'sincere cooperation' from Afghan interim govt to address terrorism: FO

US transfers Pakistani Guantanamo Bay detainee to Belize

At least 17 killed as oil tanker collides with passenger coach near Kohat tunnel

Pakistan’s textile exports significantly decline in January: APTMA

Murad Saeed announces protest against rising terrorism in KP

Local court sends Sheikh Rashid on two-day physical remand