‘Wheat stocks sufficient until next harvest'
The committee said there is no shortage of the commodity in the country.
The disclosure was made by Deputy Prime Minister/Foreign Minister, Ishaq Dar, who chaired the third meeting of the Cabinet Committee on Essential Cash Crops on Wednesday.
The committee also reviewed wheat production projections for 2025, carry-forward stocks, and national requirements for the food year 2025–26
The committee held a detailed discussion on the Cotton Plan 2025–26, focusing on immediate, medium, and long-term policy measures essential for the revival of Pakistan's cotton sector.
Dar emphasised the need for coordinated and actionable steps to restore cotton's central role in the economy and improve returns for farmers.
The Ministry of National Food Security and Research (MNFS&R) was also directed to convene a follow-up meeting next week, bringing together all relevant public and private sector stakeholders across the cotton value chain.
The MNFSR will present an actionable implementation plan to the committee to ensure effective execution of the recommendations.
The meeting was attended by the ministers for National Food Security, Finance, and Planning, SAPM Tariq Bajwa, and senior officials from the MNFS&R, Ministry of Commerce, and the FBR.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
19 hours ago
- Business Recorder
Sugar import to spike import bill by $280m
ISLAMABAD: The government's decision to import 0.5 million tons of sugar will spike the import bill by $275-280 million - 300,000 tons through Trading Corporation of Pakistan (TCP) and remaining 200,000 tons via private sector - but is unlikely to bring price down in the near future. This was the consensus of an anecdotal survey carried out by this correspondent. According to market sources the government's import decision will only stabilise the price of the sweetener at the current level of Rs 195-200 per kg rather than decrease it because the landed cost of sugar is projected to cost Rs 155 per kg. Chairman Cereal Association of Pakistan Muzzammil R Chappal contended that the price of sugar has been stable in the international market for the last 8-9 months and hovering in the range of $560-565 per metric tons and the only hit the government will take is in the shape of tax exemptions. Sugar import: privatising the profits, socialising the losses The Federal Board of Revenue (FBR) has exempted Customs duty on the import of 500,000 metric tons of sugar, reduced sales tax rate from 18 percent to 0.25 percent and withholding tax to 0.25 percent on the import of the commodity by the Trading Corporation of Pakistan (TCP) and the private sector. The FBR has also exempted 3 percent minimum value added tax (VAT) on the import of sugar as well. During the last meeting of the Economic Coordination Committee of the Cabinet the Finance Secretary had refused to waive off taxes or give subsidies. Credible reports suggest that the government did not bring the summary to the ECC and got it directly approved from the federal cabinet. According to source in the Ministry of Finance there is no provision in the budget for this transaction and added that the Secretary Finance apprised the Cabinet that since the Government is under an IMF Programme, it has to apprise the IMF staff about this decision because it involves a large amount of tax exemptions and foreign exchange spending. Deputy Prime Minister Ishaq Dar, overruled the decision of Ministry of Finance in the Cabinet meeting chaired by him. The cabinet subsequently vetted the summary moved by the Ministry of National Food Security, took the decision without discussing the matter as a regular agenda item and approved it through the circulation of the summary. The rules allow the disposal of cases through circulation. The Competition Commission of Pakistan (CCP) has raised serious questions about the government's planning and its handling of essential commodities. It noted that on October 11, 2024, the ECC permitted the export of 500,000 tons of 'surplus' sugar. The decision was ratified by the Federal Cabinet, with conditions that included a mandatory production start by November 21 and a strict 90-day window for export completion. As a result, sugar exports took place between November 2024 and January 2025, during which retail prices hovered between Rs 150 to Rs 165 per kilogram. In this meeting, Ministry of Commerce expressed its concerns arguing that allowing export of sugar will increase its price substantially. Domestic prices have steadily climbed since then, peaking at around Rs 200 per kg in recent months. The sharp increase has triggered public outrage, with many accusing the government of mismanagement. Critics argue that export of sugar created an artificial shortage in the local market, leading to escalation in price and necessitating costly imports—an economic double whammy for the country. The CCP noted in its August 2021 order that it had already cautioned against such policy cycles driven by industry influence. The order investigated the conduct of the Pakistan Sugar Mills Association (PSMA) and its members, examining whether collusive practices influenced export decisions and domestic pricing. The Commission highlighted a troubling pattern in Sugar Advisory Board (SAB) meetings, where PSMA representatives actively pushed for exports even during ongoing crushing seasons. One notable example from 2012 shows PSMA warning that delayed export decisions could reduce profitability due to international market competition—despite abundant domestic supply and falling prices. The CCP's investigation further concluded that export permissions, while officially sanctioned by the government, were often lobbied for by the industry under the pretext of ensuring payments to farmers and clearing excess stock and noted that there was little evidence to support claims that exports did not impact on local supply or prices. In fact, retail prices remained high even during periods of zero exports — signalling that market manipulation could not be ruled out. The Commission also ruled that the pricing structure in the sugar market lacks transparency, with significant gaps between ex-mill and retail prices and criticised the government for relying on industry-provided data without an independent verification mechanism, calling it a vulnerability that enables cartel-like behaviour and poor policy decisions. Former chairman of Pakistan Sugar Mills Association (PSMA) Iskander Khan while talking to Business Recorder said that the PSMA has nothing to do with Government's decision to import sugar. He said all the sugar mills are well stocked to meet the needs of its industrial and domestic consumers. 'We have stocks of around 0.5 million metric tons which are enough to meet the needs of the next 3-4 months and once the sugarcane crushing starts in November there will be surplus sugar available in the country,' he remarked. 'Sugar industry does not need subsidies or any other favours, it just needs the system of best global practice in place to do its business smoothly and professionally.' Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Express Tribune
Dar meets world leaders on sidelines of ASEAN forum
Deputy Prime Minister Ishaq Dar said hundreds of Zaireen evacuated from Iran and Iraq so far. PHOTO: RADIO PAKISTAN Listen to article Deputy Prime Minister (DPM) and Foreign Minister Ishaq Dar on Thursday met with world leaders on the sidelines of the 32nd ASEAN Regional Forum in Kuala Lumpur. In his meeting with Russian Foreign Minister Sergey Lavrov, both the leaders reaffirmed their commitment to further strengthening of bilateral relations and agreed to meet again next week during SCO council of Ministers meeting, a DPM's Office statement said. Dar also met Australian Foreign Minister Senator Hon Penny Wong. They reiterated strong Pakistan-Australia ties and commitment to enhance cooperation in trade, education, and people-to-people links. In a "productive and forward-looking engagement," he said Pakistani diaspora and cricket were a living bridge between the countries. Both sides agreed to boost bilateral trade, currently at $1.186 billion, promote academic partnerships, and increase high-level political exchanges. Separately, Dar met with Sri Lankan Foreign Minister Vijitha Herath and reaffirmed the enduring strength of Pakistan-Sri Lanka bilateral relations. During the meeting, both ministers expressed satisfaction over the robustness of ties between the two countries and pledged to further deepen cooperation in key areas. The discussions focused on high-level political exchanges, expanding economic partnerships, religious tourism, and educational collaboration, a DPM's Office statement said. Dar emphasized the importance of promoting people-to-people contacts and sectoral cooperation, noting that the longstanding relationship between Pakistan and Sri Lanka is rooted in shared regional interests and historical bonds. The two ministers also held in-depth discussions on regional and global developments, including recent geopolitical shifts in South Asia and beyond. They agreed on the need to strengthen multilateral collaboration and continue supporting peace, stability, and inclusive growth across the region.
Business Recorder
2 days ago
- Business Recorder
PARTLY FACETIOUS: Has Dar read a certain IMF document?
'So Dar has announced a Special Economic Zone for Turkish entrepreneurs in Karachi.' 'My question to him is: has he read the International Monetary Fund (IMF) document in which the Finance Minister has pledged no new economic zones — special to one nationality or not.' 'Hey, that's not his responsibility anymore — that is the Finance Minister's task.' 'The Special Investment Facilitation Council, which epitomises the same page doctrine, has pledged to the Fund staff that a level playing field would be ensured with regard to investment environment and there will be no watering down in governance standards. And agreed to phase out existing SEZ's while no new SEZs…' 'For your information, a Deputy Prime Minister also wearing the hat of Foreign Minister is a grade above the Finance Minister.' 'Just a grade?' 'That depends on whom you ask: A Prime Minister heads the cabinet, and in his absence the Deputy Prime Minister…' 'Irrespective of who appoints whom?' 'They are all on the same page, you idiot.' 'That's true, sorry, anyway don't worry about it – by the time the SEZ is actually set up the government may have changed.' 'God willing.' 'Of course, but just to clarify, on average we take a decade or so to set anything up so…' 'I propose the task be allocated to Visionary 2035…' 'I agree, Ahsan Iqbal would certainly be the right man for the job.' 'His visions are truly beautiful, but so far his vision for the party to remain in power to realize even one of his vision…' 'Maybe this time around.' Copyright Business Recorder, 2025
