Pakistan greenlights importing 300,000 MT wheat

KARACHI: The trading corporation of Pakistan (TCP) has sanctioned Thursday the import of a further 300,000 metric tons of wheat to the country for which it has received seven bids on the tenders it released, ARY News reported.

It said out of seven offers made for the import, the lowest most was US$332.44 per metric ton against which the deal has been made.

The trading regulator is importing wheat on the federal government’s directives in order to circumvent wheat shortage in the domestic markets that the country experienced last year with the wheat production falling short of demand.

On March 7 and 8 each, a ship will carry 55,000 metric tons of wheat to Karachi port, said the TCP.

It said the regulator has so far imported a total of 2.1 million metric tons wheat and it looks to up it to 2.5 million metric ton import.

READ: Sindh Cabinet fixes 1.4 mln tons wheat procurement target

Earlier last month on wheat in Sindh, a meeting of the provincial cabinet had fixed the wheat procurement target of the province at 1.4 million tons.

Provincial cabinet session chaired by Chief Minister Syed Murad Ali Shah also approved purchase of 80 percent PP bags and 20 pct jute bags.

Provincial cabinet refuted allegations of the wheat hoarding against Sindh from the federal officials. “The wheat crisis in the country, was caused by missing six million tons from the wheat stocks of Punjab,” the Sindh cabinet session claimed.