ISLAMABAD – The federal cabinet on Tuesday approved the import of 3 million metric tons of wheat amid a shortage of flour supplies that has created a crisis for the newly installed government.
In its report, the state broadcaster said the decision was taken by cabinet meeting led by Prime Minister Shahbaz Sharif. Information Minister Marriyum Aurangzeb said the premier also ordered to introduce an incentivized agricultural policy to curb wheat import.
Sharif-led government also decided to continue the fixed rates of flour and sugar under the Ramadan package.
The Economic Coordination Committee earlier approved to import of three million tonnes of wheat. The import of wheat is expected to cost nearly $1.2 billion excluding transport and handling charges.
The development comes as the domestic production of wheat plunged by 9 percent due to shortages of inputs and bad weather.
Prime Minister Shehbaz Sharif was informed last week that the South Asian country is heading toward another wheat crisis as output is estimated to fall short of the target for this year by almost three million tonnes.
Wheat production is projected to be 26.173m tonnes against a target of 28.89m tonnes while the estimated consumption would be around 30.79m tonnes, per reports. An increase in oil price and heatwave and some other factors were blamed for the failure to meet the wheat production target.
Pakistani rupee remains stable against US dollar in the open market on 29 March, 2024.
In the open market, the US dollar was being quoted at 278.3 for buying and 281.05 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
US Dollar | USD | 278.3 | 281.05 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.70 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.46 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.7 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.