March 19(Agencies) Though the government currently facing toughtime in its deal with IMF, yet it has consumed $876 million on import of2.2 million metric tonnes wheat during the first 8 months of the current financial year.
This amount was spent with an aim to deal the local demand because low domestic wheat production in the country.
The data available to this organization, compiled by the government department, revealed that the USD starving country has spent 876 million on import of 2,202,972 metric tones wheat from different countries. The idea was avoid shortage of local wheat production in the country.
Pakistan had produced 27 million tons wheat last season which was almost 8 percent above than outgoing year. However, this bumper crops could not meet the requirements and it has no option but to
import 3.0 million metric tons wheat to meet the local requirement during the season.
The country has also the lowest per yield wheat production due to non-availability of better seeds, latest techniques and technology as compared to the other countries.
The highest wheat yield is 17.95 tonnes/hector (39572.97 lbs/ha) and was harvested from 8.2920 ha (20.49 acres) by Tim Lamyman (UK) in Louth, Lincolnshire, UK, on 10 August 2022.
The available figures reveales that the country spent $6.687 billion on import of food during to the country despite strict policy to open letter of comfort due to shortage of greenback foreign currency.
Likewise, the country is currently facing serious shortage of forex reserves in the county due to high foreign payments of heavy repayments of principle foriegn loans, high import bill, low receipts of exports, worker remittances, etc.
Pakistan Rupee Exchange Rate