ISLAMABAD: The world bank reports stated that rice production in Pakistan fell by 6 million tons amid disastrous floods, ARY News reported.
According to the World Bank that because of floods wheat was not sowed in several areas.
In the year 2023-24, the government has set a target of 28.4 million ton production of wheat. This target is set at 2 million tons more than the last year.
In the river Indus during the season of Rabi water scarcity can go up to 18 percent. The availability of water can will be two percent more than the last ten-year average.
The world bank further stated that the government is providing loans, fertilizer and cheap electricity to the farmers.
Pakistan will import 0.5 million tons of wheat in February, and 0.4-0.5 million tons in March. while the target of import of rice needs to decrease by 3-6 million tons.
Read more: WORLD BANK CUTS PAKISTAN’S GDP GROWTH FORECAST TO 2PC
Earlier, the World Bank slashed Pakistan’s GDP growth projection from four 4 per cent to 2 per cent for the fiscal year 2022-23 due to the devastating floods and slowdown in the global growth rate.
The World Bank, in its report Global Economic Prospects-January 202, said Pakistan’s real GDP was projected at 2 percent in FY2022/23, half the pace that was anticipated last June.
The report stated that an already precarious economic situation, with low foreign exchange reserves and large fiscal and current account deficits, was exacerbated last August by severe flooding, which cost many lives. About one-third of the country’s land area was affected, damaging infrastructure, and directly affecting about 15 percent of the population.
