Pakistan allows private sector to import wheat

ISLAMABAD: The federal government on Monday approved the import of wheat and relaxed borrowing limits for provinces by up to 167% to allow them to meet expenditures that often exceed cash in hand due to limits imposed under the International Monetary Fund (IMF) agreement.

The Economic Coordination Committee (ECC) of the cabinet gave the go-ahead to the private sector for wheat import to control prices of wheat and flour that had been constantly rising amid farmers’ reluctance to bring their crop to the market on expectations of further increase in prices.

In case, the private sector did not import wheat, the ECC decided that the government would then import the commodity to meet shortfall. The committee did not take up the summary for approval of new performance reward policy for government employees after the finance ministry decided to withdraw the summary. The finance ministry had suggested up to three salaries in reward for all government departments and the decision on budget honorarium had been left with the finance adviser.

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