ISLAMABAD: The federal government was advised on Thursday by the Federation of Pakistan Chambers of Commerce and Industries (FPCCI) to refrain from pressuring the private sector to import wheat on time in order to close the supply-demand imbalance.
In response to the government’s assertion that the temporary arrangement allowed the private sector to import wheat without a valid reason, the FPCCI took action. The private sector’s actions were endorsed by the FPCCI.
According to FPCCI President Atif Ikram Sheikh, farmers should continue to get the wheat support price since they require a support system to ensure the sale of their harvests. But pricey wheat flour shouldn’t be used to pass this financial burden to the general public. Wheat specialist Saquib Fayyaz Magoon, Senior Vice-President of FPCCI, stated that there hasn’t been a shortage of wheat or flour in the last five or six months because of timely imports, which has also resulted in lower flour costs.
According to the FPCCI, the cost of imported wheat is approximately Rs65 per kg, whereas the cost of wheat produced locally is Rs100 per kg. He pointed out that inflation started to decrease and customers saved Rs1.25 trillion.
According to Mr. Magoon, independent sources place the amount of wheat scarcity at 3 million tonnes this year, but government estimates point to a 2.5 million tonnes shortage. Consequently, the Economic Coordination Committee (ECC) of the Cabinet and the Ministry of National Food Security allowed the private sector to import wheat without providing any subsidies.
