Business

Govt will need to import 3m tonnes of wheat, warns trade body

Published

2 years ago

Farwa

PBF Vice Chairman Ahmad Jawad says looming wheat gap within Pakistan may morph into a full-blown crisis soon.
Forum urges provincial food depts to monitor wheat purchase by private sector to avoid hoarding.
Says govt could have to import a minimum of 3 million tonnes of grain to stabilise the market.

ISLAMABAD: A trade body on Monday warned of a looming wheat crisis in the country , urging the government to ban wheat exports to stabilise the wheat prices and cater to supply gaps.

“Looming wheat gap within the country currently seems prepared to morph into a full-blown crisis over the approaching months,” said Pakistan Businesses Forum (PBF) Vice President Ahmad Jawad.

PBF urged provincial food departments to monitor wheat purchase by the private sector and curb involvement of middlemen to avoid hoarding. The explanations embodied domestic output inadequacy and billowy international costs within the wake Ukraine issue. The flour costs were probably to rise additional if the govt remained unable to manage imports and take action against hoarders, it added.

The explanations embodied domestic output inadequacy and billowy international costs in the wake of the Ukraine issue. The flour costs were probably to rise additional if the govt remained unable to manage imports and take action against hoarders, it added.

“Prime Minister Shehbaz Sharif has been educated that this wheat harvest is probably going to hover around 26.2 million tonnes against the target of 28.9 million tonnes.”

The forum said the government may have to import a minimum of 3 million tonnes of grain to stabilise the market and meet the demand of 30.8 million tonnes, despite a carryover stock of 1 million ton.

PBF said that the imports could surpass estimates, pushed by wheat smuggling into Afghanistan, adding that market players had decried wheat imports in the extended quantity.

“One, the cereal is briefly provided globally owing to a poor harvest, secondly, Pakistan doesn’t have enough bucks to get costly imports with the nation’s foreign currency reserves plunging to $10.5 billion on the widening trade and accounting deficits.”

“What will wheat shortages and costly imports mean for the shoppers,” the group questioned. The flour millers have already raised their costs in Punjab by Rs11 per weight unit supported the open market wheat value of Rs2,200 per 40kg when the termination of official releases.

Punjab had been providing wheat to the millers at the subsidised value of Rs1,950 per 40kg, which was additional slashed to Rs1,600 for the first 20 days of Ramadan.

“The flour inadequacy within the market and also the high value of the artifact could increase food insecurity within the country, particularly within the additional backward and poorer districts of the country, unless the govt proactively ensures its convenience at subsidised rates.”

Jawad deplored wheat shortages and increasing imports, and asked for immediate measures to deal with factors such as water shortage, poor farm management practices, global climate change, and carbamide inconvenience, which had bogged down the agriculture sector.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

18 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

18 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.