ISLAMABAD: The federal government has set a target of 2.5 million metric tons of wheat procurement, which is 69 percent less than the current year’s target.
The Economic Coordination Committee of the Cabinet approved wheat procurement targets for PASCO, in which Balochistan and Sindh set their own targets, but Punjab refused immediate wheat procurement citing past debt repayments.
The Economic Coordination Committee approved the release of a loan of Rs 275 billion for the purchase of 2.45 million tonnes of wheat, while a supplementary grant of Rs 24 billion was also approved.
It should be noted that last year a target of 4.5 million tonnes of wheat was set for Punjab, but no target was set this time. will be at the mercy of and the farmers will probably not even get the fixed minimum rate of Rs 3,900 per maund.
The Punjab government has kept the support price of wheat for the financial year 2024-25 at Rs 3,900 per maund like last year.
A representative of the Punjab government told ECC that the Punjab government is busy repaying the previous loans taken for wheat purchase, so it cannot set a target yet, but will buy it when required.
On the other hand, the Federal Ministry of Food has expressed fear that despite the last year’s stock of 3.3 million, the new purchase of 2.45 million will be insufficient for the country’s needs. Which is 28% less than last year, while a loan of Rs 100 billion has been allowed for wheat purchase, Sindh will buy wheat from farmers at the rate of Rs 4,000 per maund.
The federal government has fixed the support price of wheat at Rs 3,900 per maund, which has not been accepted by the governments of Sindh and Balochistan. Is.
According to the Ministry of Food, there is a possibility of wheat surplus in Pakistan this year, because instead of the set target of 22.2 million acres, wheat has been cultivated on 23.7 million acres this year, while the country currently has a stock of 4.7 million tons. The ongoing crackdown on smuggling has also helped stabilize wheat stocks.
It should be noted that 28 to 29 million metric tons of wheat is estimated to be produced this season.
