Mismanagement in wheat export, import dents Pak economy by Rs 44.9 bln, NA told

ISLAMABAD : Minister for Finance, Muhammad Ishaq Dar Friday informed the National Assembly that the country has to suffer a loss of Rs.44.9 billion owing to mismanagement in the export and import of wheat by the previous government.
The previous government allowed export of half a million metric tonnes wheat at a rate of $ 200 per tonnes because of inaccurate estimates of wheat crop, he said while responding to a query in this regard during “Question Hour”.
Later, due to shortage of wheat in the country, orders for the import of 1.7 million metric tonnes at rate of $ 500 per tonnes were placed thus inflicting a loss of Rs.44.9 to the national exchequer, he added.
Ishaq Dar said that an estimated 21.8 million tonnes of wheat crop is likely this year, however, the government will ensure accurate estimates of wheat crop when the second estimation will come by end of this month.
He said there will be shortage of 920,000 tonnes of wheat in the country this year, adding, the Cabinet has given approval for the import of 1.5 million metric tonnes of wheat to overcome this shortage.
Responding to a query, he said the house committee on finance should probe the mismanagement in export and import and wheat and suggest measures who were beneficiaries.
He said the finance ministry is trying to control damage done by the previous government in financial matters.
Only 10 weeks of current financial year are remaining but we will do maximum recovery and try to control damage.
The Finance Minister expressed satisfaction over the quality of imported wheat saying, there were no complaints regarding its quality.