AGRICULTURE NEWS

PAKISTAN TO IMPORT 2 MILLION MT WHEAT FROM RUSSIA WITH CASH PAYMENT

Pakistan is set to import two million metric tons (MT) of wheat from Russia with cash payment amid the continuing sanctions on Moscow that have made trade difficult with the Vladimir Putin government. The decision was taken by a key economic committee which also waived off additional customs duties on import of edible oil to incentivize the suppliers to fast track the shipments next month, reports. Earlier, the possibility of barter trade with Russia was being explored due to sanctions imposed by the West. Although there are no sanctions on the import of grains from Russia, however Pakistan government would have to work out a mechanism to make the payments, report said. This report comes as Pakistan is grappling with lower-than-expected levels of food output. The country is in urgent need to import key food items including edible oil, wheat, sugar, tea and pulses. The decision on wheat import was announced days after Pakistan said that it is open to importing oil and food products from Russia.