Pakistan decided to ban wheat imports

The Caretaker Federal Government of Pakistan has decided to ban state-level wheat imports from other countries. According to reports, the Economic Coordination Committee (ECC) decided to ban state-level wheat imports.

The ECC decided to ban wheat imports because Pakistan has sufficient wheat stocks. They consider the flour prices in Pakistan to be stable. According to the government, Pakistan has enough wheat to fulfill its demands.

The decision occurred after the Ministry of National Food Security addressed the ECC on wheat supplies. The committee acknowledged the ministry’s initiatives to maintain a delicate balance between demand and supply of wheat across Pakistan.

Minister for Finance, Revenue and Economic Affairs, Dr. Shamshad Akhtar chaired Economic Coordination Committee (ECC) today on February 1, 2024 in Islamabad
Ammended Press Release pic.twitter.com/oCzwnQkYAz
— Ministry of Finance, Government of Pakistan (@Financegovpk) February 1, 2024

Dr. Shamshad Akhtar, Minister for Finance, Revenue, and Economic Affairs, presided over a meeting of the Economic Coordination Committee in Islamabad today that approved the proposal to ban wheat import.

The ECC also approved a summary of the overall Sustainable Plan for Price Rationalization of subsidized wheat in Gilgit-Baltistan. Price Rationalization refers to reviewing and adjusting prices to ensure they are under various factors such as market demand, competition, production costs, and profit margins.

ECC made this crucial step to relief to the people of Gilgit-Baltistan, who have been doing massive protests for over a month. They are protesting over the increased subsidized prices of wheat.

Click here to read the updates on State Bank’s launched Sunwai portal to report bank complaints easily

The Gilgit Baltistan government agreed with the federal government that the government would raise gradually price of wheat until it reached 52 Pakistan Rupees (PKR) per kg.

This was supposed to lessen the effect of the subsidies. But when the prices were raised to 36 PKR per kg from 20 PKR per kg. Hence, the residents of Gilgit-Baltistan started protests all over the region.

Besides this, the ECC also agreed to give the Ministry of Aviation a Technical Supplemnetray grant of 500 million rupees. As well as an extra 7.15 billion rupees for Federal Education and Professional training.