Pakistan to seek IMF approval for restoring minimum support price for wheat amid production decline, price hike

years. The government’s move to approach the IMF follows concerns over rising wheat prices and reduced control over the market, which has led to further price surges. The government is attempting to negotiate greater flexibility on food items with the IMF, in a bid to stabilise the wheat sector. The committee also reviewed the country’s sugar situation. While Pakistan produced 7.6 million tons of sugar last year—surpassing national demand—this year’s production has fallen short, with an output of just 5.8 million tons. The shortfall has forced Pakistan to import sugar worth $150 million, despite the previous surplus. The minister attributed the price hikes to the influence of the “sugar mafia” but assured that efforts were underway to reduce sugar prices, which had dropped from Rs 210 per kg. Committee member Rana Hayat expressed concern about the government’s inability to control sugar prices in the same way as wheat, questioning why sugar prices were not stabilized with the same ...