Punjab asked to release wheat stocks

Punjab asked to release wheat stocks

Sources said the government had reports that middlemen were hoarding this year’s wheat produce owing to higher international prices, lower domestic prices and tight demand-supply situation in the country.
It was viewed that release of wheat from Punjab’s stocks and supply by Pakistan Agricultural Storage and Services Corporation (Passco) to Khyber Pakhtunkhwa and Balochistan will compel hoarders to offload the grain.
The meeting, presided over Finance Adviser Dr Abdul Hafeez Shaikh, was informed that the government had received encouraging response from the private sector in the shape of formal applications to take benefit of government’s decision to allow duty and tax free import of wheat. However, the private sector may not be able to achieve the 2.5 million tonnes import target set for the current season.
Chief Secretary Punjab Agha Jawad Rafique informed the federal cabinet members that the province was ready open up its stocks but these would also need to be replenished on a proportionate basis. He also advised that the government should not put a cap on wheat import but must keep close monitoring of the situation on monthly basis.
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