Pakistan: Govt removes support price for wheat on IMF demand
The Pakistani government has abandoned its policy of setting a support price for wheat, fulfilling another condition set by the International Monetary Fund (IMF), sources have confirmed.
The government traditionally announces a support price for wheat at the start of the sowing season each year to guarantee farmers a minimum price for their crop.
However, for the first time, no support price has been announced despite the completion of the wheat sowing season.
Sources indicate the IMF had previously instructed the government to refrain from setting support prices for both sugarcane and wheat.
The IMF opposes government intervention in setting prices for agricultural commodities, advocating instead for a free market mechanism to determine prices. The support price policy had previously served to ensure farmers received a minimum price for their wheat harvest.
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