ISLAMABAD: The Economic Coordination Committee (ECC) of the government approved the immediate import of 0.3 million tons of wheat from Russia.
The import, however, will be a government-to-government deal and private sector will not be involved in it.
Initially, 300,000 tons of wheat will be imported from Russia at a cost of $112 million. The per kg cost is around $0.37 which means Pakistan is buying Russian wheat for Rs89 per kg. Actual price, however, will fluctuate according to the value of the US dollar in Pakistan.
M/s Prodintorg, a Russian government entity agreed to supply 300,000 metric tons of wheat at $372 per metric ton. The company will supply wheat to Pakistan during Nov 2022 to Jan 2023.
The Economic Cooperation Committee (ECC) of the Cabinet, led by finance minister Ishaq Dar, approved the deal of procurement of wheat and opening an energy fund in place of a Revolving Bank Account. Ishaq Dar chaired the ECC meeting before departing for China with Prime Minister Shehbaz Sharif.
In 2020, Pakistan had purchased one million metric tons of Russian wheat under the government-to-government deal.
The Western countries have exempted from sanctions the food items import from Russia. Currently, Russia and Ukraine are the two leading wheat suppliers in the world.
The government has allowed the import of 1.67 million tons of wheat while one million tons of wheat had already reach the country.
