The Economic Coordination Committee (ECC) of the Cabinet on Thursday granted approval for the import of 340,000 metric tonnes of wheat.
In a meeting of ECC, headed by Finance Advisor through a video link from Lahore, Dr. Abdul Hafeez Shaikh analyzed the condition of wheat stocks in the country. ECC was informed that 15 lac wheat would be imported in January 2021.
In the meeting, it was decided that there would be no difference between the supply and demand of wheat in the country. The suggestion of the import of wheat from Russia was discussed and formal approval of the import has been given.
It was decided that imported wheat would be supplied to PASCO, Punjab, and KP, and as such, PASSCO, Punjab, and KP will have more than 3 lacs metric tonnes imported wheat. The Ministry of National Food Security issued a statement that the reserves of foods are quite enough and there would be no shortage of wheat in the country.
According to the ECC statement, 49 lac, 29 thousand and 716 metric ton wheat is existing in the government stock. At present, 28 lac, 9 thousand and 21 metric ton in Punjab, 12 lac, 59 thousand, 395 metric ton in Sindh, 88 thousand and 45 metric ton in KP, and 65 thousand and 82 metric ton wheat is existing in Balochistan.
According to the statement, PASSCO has a stock of 6 lac, 27 thousand, and 173 metric tons of wheat. TCP will arrange the supply of 2 lac, 17 thousand, and 125 metric ton of wheat in the current month. In November, 1 lac and 89 thousand metric ton of wheat would be brought from Russia.
In December, 6 lac metric ton wheat will be arranged by Trading Corporation of Pakistan and in January, another supply of 6 lac and 80 thousand metric ton wheat would be arranged by TCP.
The country is facing the acute problem of the shortage of foreign exchange reserves. For example, we have $12 billion foreign exchange reserves and despite being the international embargo, Iran, the neighboring country has $86 billion of foreign exchange reserves.
And we are proudly importing wheat, cotton, onion, potatoes, other vegetables and fruits and other crops which were being produced in Pakistan always in bulk quantity neglecting the alarming situation of foreign exchange reserves.