ISLAMABAD: The government on Monday approved a plan to buy 300,000 metric tons of wheat from Russia, the finance ministry said in a statement.
The Economic Coordination Committee (ECC), which is headed by Finance Minister Ishaq Dar, approved the plan proposed by the ministry of commerce to procure wheat from the Russian government.
The wheat was priced at $372 per ton and will be shipped between November 1 and January 15, the ministry said, adding that it will be a government-to-government deal.
Prime Minister Shehbaz Sharif said the private sector would not be allowed to import wheat to make it possible to get it at a minimum price.
“One million tons of wheat has been imported, and another 1.6 million tons is being arranged,” Sharif told an earlier news conference in Islamabad.
“We have decided not to allow the private sector to import wheat,” he said, adding the government needed to save on its depleting foreign reserves.
Standing and stored crops over millions of acres of farmland were damaged in the devastating floods caused by abnormal monsoon rains this season, which also washed away houses, bridges, roads and other infrastructure.
The floodwater will take months to dry out in southern Pakistan which might delay the cultivation of wheat and other crops for the next season.
