PAKISTAN CAN'T AFFORD THE DISCOUNTED WHEAT FROM RUSSIA

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 PAKISTAN IN DWINDLING FOREX RESERVE

Amid the political and economical instability, debt-laden Pakistan battling a wheat crisis. Russia's final offer for Pak-120000 metric tons of wheat at a price of $399.50 can't be afforded by Pakistan and they want to be reduced by 2.4%. The call to snub Russian wheat was taken at the economic coordination committee meeting. Pak has around 7.7MN metric tons of wheat which will be equal for just 168days of consumption. 

However, Pakistan lost the deal as the acceptance deadline was Friday at 6pm Moscow time. Sharif's government has already decided to reduce the wheat strategic reserve requirements. Pak economy is in dire straits, Sharif government is facing a balance of payment crisis. The Pakistan rupee had fallen about 30% against the US dollar in the past years

Location: United States

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