Pakistan is planning to sign a memorandum of understanding with Russia to purchase about 200,000 tons of wheat as part of the government’s bid to curb inflation by boosting supplies of essential commodities.

Islamabad will soon sign the MoU on a government-to-government basis. Shipments from the transcontinental country are expected to arrive by December following the approval of proposal by the federal cabinet.

The world’s eighth-biggest wheat producer has already imported over 400,000 tons so far this year to build strategic reserves of the grain.

Amid the COVID-19 outbreak, Pakistan has successfully attained higher mango export target by exporting around 125,000 tonnes, fetching much-needed foreign exchange of $72 million.

The mango export target was actually set at 80,000 tonnes. However, All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association (PFVA) effectively managed to boost the export target by 45,000 tonnes more thanks to its aggressive strategies coupled with the federal government’s timely decisions.

Wheat harvesting largely remained unscathed of the Coronavirus-induced lockdown though movement restrictions choked the supplies of highly perishable produce, an Asian Development Bank (ADB) survey report stated.

Over 400 farmers across 10 districts of the Punjab were surveyed on the effect of the Coronavirus-triggered lockdown and the locust invasion.

As per the report, disruptions in the food supply chain result directly in income losses. The rising input prices raise grave concerns about the forthcoming rice-growing season, the report added.

Pakistan’s Economic Coordination Committee (ECC) of the cabinet approved a subsidy of nearly Rs 49 billion for agriculture and housing sectors.

It also made an announcement to allocate 150,000 tonnes of wheat from official stocks for the Pakistan Army.

The ECC also directed the Ministry of National Food Security and Research to properly evaluate the mechanism for disbursement of various subsidies for maintaining the transparency of the system and to ensure that benefit reaches small farmers.

Pakistan’s Federal Minister for National Food Security & Research Syed Fakhar Imam presented the country’s perspective on building resilience to crises at a virtual dialogue convened by the Food and Agriculture Organisation (FAO) of the United Nations.

To mitigate the negative impacts of COVID-19 on Pakistan’s economy, the Government of Pakistan has announced economic relief and stimulus package of Rs1.24 trillion as part of its immediate response to the COVID-19 outbreak, which will also contribute to the agriculture sector and agriculture value chains through its linkages with other sectors, the minister said.

It is to be noted that the UN food agency is working closely with the Government of Pakistan in coping with the ongoing pandemic and locust upsurge.