AtifIkram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has emphasized the importance of maintaining support prices for wheat farmers to ensure a stable market for their produce. However, Sheikh stressed that the financial burden of these subsidies should not be shifted onto the people, especially in the form of higher prices for wheat flour, a staple food in Pakistan. SaquibFayyazMagoon, Senior Vice President of FPCCI, outlined the role of the private sector in importing wheat to bridge the gap between demand and supply. Magoon highlighted the potential consequences of wheat shortages, including food security issues.
and price spikes that could exploit the masses. According to Magoon, the government’s own estimates indicate a significant wheat shortage this year, with independent sources suggesting an even larger deficit. In response, both the Ministry of National Food Security and the Economic Coordination Committee (ECC) permitted private sector wheat imports without subsidies to address the shortage and stabilize flour prices. The ECC also instructed the State Bank of Pakistan (SBP) to facilitate the opening of letters of credit (LC) for wheat imports.
