ISLAMABAD: Pakistan’s National Food Security Minister Rana Tanveer Hussain on Sunday asked authorities to ensure timely sale of stored wheat to avoid financial losses to the country and to benefit farmers and consumers, ahead of the arrival of new crop.
Hussain issued the directives while presiding over a meeting to review wheat reserves, management strategies, and the selling process to avoid any future crises.
In Pakistan, wheat crop is planted in mid-December and the harvest usually begins in March, with the majority of the crop harvested between April and early June.
Last year, farmers in Pakistan held several protests over lower wheat prices due to the import of excess amounts of the commodity that flooded local markets.
“There would be zero tolerance for any delays in the wheat sale process as prolonged storage could impact the quality of wheat and lead to financial losses for the national treasury,” Hussain was quoted as saying by the government’s Press Information Department (PID).
Agriculture is the backbone of Pakistan’s economy and constitutes its largest sector. According to the Pakistan Bureau of Statistics (PBS), agriculture contributes about 24 percent of the Gross Domestic Product (GDP) and accounts for half of the employed labor force in the country.
However, the prices of wheat last year dropped significantly in Pakistan and were much below the government’s support price of Rs3,900 ($14) per 40-kilogram bag.
During Sunday’s meeting, Pakistan Agricultural Storage & Services Corporation (PASSCO) officials informed the minister they had strengthened coordination with different agencies and provincial authorities to accelerate the sale of wheat.
“Various measures have been implemented to ensure transparency in the wheat sale process, benefiting both farmers and consumers,” they were quoted as saying.
Hussain instructed PASSCO officials to devise effective policies to address administrative and financial challenges, ensuring smooth operations in the future, according to the PID. He reaffirmed the government’s commitment to agricultural development, food security, and farmers’ welfare.
Pakistan minister urges timely sale of stored wheat to avoid financial losses, benefit farmers
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Pakistan minister urges timely sale of stored wheat to avoid financial losses, benefit farmers
- In Pakistan, the wheat crop is planted in mid-December and the majority of the crop is harvested between April and early June
- Pakistani farmers last year held several protests over lower wheat prices due to the import of excess wheat that flooded markets
Pakistan, ADB sign $730 loan agreements to boost SOE reforms, energy infrastructure
- Both sign $330 million Power Transmission Strengthening Project and $400 million SOE Transformation Program loan agreements
- Economic Affairs Division official says Transmission Project will secure Pakistan’s energy future by strengthening national grid’s backbone
KARACHI: Pakistan and the Asian Development Bank (ADB) on Thursday signed two loan agreements totaling $730 million to boost reforms in state-owned enterprises (SOEs) and energy infrastructure in the country, the bank said.
The first of the two agreements pertains to the SOE Transformation Program worth $400 million while the second loan, worth $330 million, is for a Power Transmission Strengthening Project, the lender said.
The agreements were signed by ADB Country Director for Pakistan Emma Fan and Pakistan’s Secretary of Economic Affairs Division Humair Karim.
“The agreements demonstrate ADB’s enduring commitment to supporting sustainable and inclusive economic growth in Pakistan,” the ADB said.
Pakistan’s SOEs have incurred losses worth billions of dollars over the years due to financial mismanagement and corruption. These entities, including the country’s national airline Pakistan International Airlines, which was sold to a private group this week, have relied on subsequent government bailouts over the years to operate.
The ADB approved the $400 million loan for SOE reforms on Dec. 12. It said the program seeks to improve governance and optimize the performance of Pakistan’s commercial SOEs.
Karim highlighted that the Power Transmission Strengthening Project will enable reliable evacuation of 2,300 MW from Pakistan’s upcoming hydropower projects, relieve overloading of existing transmission lines and enhance resilience under contingency conditions, the Press Information Department (PID) said.
“The Secretary emphasized that both initiatives are transformative in nature as the Transmission Project will secure Pakistan’s energy future by strengthening the backbone of the national grid whereas the SOE Program will enhance transparency, efficiency and sustainability of state-owned enterprises nationwide,” the PID said.
The ADB has supported reforms by Pakistan to strengthen its public finance and social protection systems. It has also undertaken programs in the country to help with post-flood reconstruction, improve food security and social and human capital.
To date, ADB says it has committed 764 public sector loans, grants and technical assistance totaling $43.4 billion to Pakistan.
