Govt to maintain wheat reserves of up to 6m tonnes to ensure uninterrupted supply: minister

Pakistan's Food Security Minister, Rana Tanveer Hussain, disclosed on Monday that the government would maintain strategic wheat reserves of up to six million tonnes. This move, Hussain assured, would ensure uninterrupted supplies of wheat and protect Pakistan against potential market disruptions. The announcement came after Prime Minister Shehbaz Sharif raised the indicative price of wheat to Rs4,500 per maund for 2027, marking an increase of Rs1,000 from the previous year.

Hussain explained that this new support price, fixed following consultations with provincial governments, would boost stability in the domestic wheat market and facilitate potential wheat exports next year. With over 1.3 million metric tonnes of wheat already distributed to provinces from Passco's stocks, the government plans to procure an additional 550,000 metric tonnes, contingent upon provincial requirements.

Hussain dismissed recent wheat price fluctuations as artificial and manipulated, confident that prices would stabilize soon. He emphasized the government's commitment to safeguard farmers' interests by prioritizing domestic wheat procurement over imported alternatives. The minister also highlighted that the government was implementing agricultural reforms, including policies on seeds, olives, and biotechnology, to enhance agricultural productivity and modernize Pakistan's farming sector.