The government has decided to import four million metric tons of wheat for 2021-22 to ensure the steady supply of flour during the current year.
The proposal has been sent to the Economic Coordination Committee (ECC) for the approval.
According to reports, the federal cabinet had already approved the import of 3m metric tons of wheat, but Finance Minister Shaukhat Tareen decided to import another 1m metric tons to meet the growing need.
It was decided that 2m metric tons will be imported through the Trading Corporation Pakistan (TCP), while another million metric tons will be bought through the government-to-government deal. The private sector will also reportedly be able to import another million metric tons to keep the prices down.
At present, a metric ton of wheat costs $301 and the country would need at least $1.2 billion to import the four million metric tons of wheat.
During the first nine months of this fiscal year, Pakistan imported 3.6 million metric tons of wheat costing $983.3 million, according to the Pakistan Bureau Statistics.