Pakistan purchased 3.4 million tons of wheat
According to the report of the Pakistan Bureau of Statistics (PBS), 3.4 mln tons of wheat were imported for the period from July to March of the current MY, totaling $1 bln, as reported by the ARY News agency.
However, according to the Auditor General of the country, the Trading Corporation of Pakistan (TCP) and the Pakistan Agricultural Stocks Corporation (PASSCO) entered into agreements to purchase wheat at inflated prices, which caused significant losses to the state budget in the amount of “billions of rupees”. This also led to higher flour prices on the domestic market, while private Pakistani importers bought wheat at more affordable prices.
According to preliminary estimates, losses from wheat imports at inflated prices amounted to $31.32 million.
It is noted that in the current season Pakistan harvested 27 mln tons of wheat, while the country needs 31 mln tons of grain to meet the domestic demand.
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