Wheat is the basic staple food for most Pakistanis and makes up the bulk of our calorie intake. It is also the largest grown crop and takes up 40 per cent of our farming land. However, production has grown slowly, lagged behind population growth and made Pakistan increasingly dependent on foreign supplies. Around one million tons were imported in FY2023-24, and similar, if not larger, imports will likely be needed this year.

For decades, the Government had been propping up an inefficient wheat production and marketing system. This was a system where billions were wasted on bank loans, and on corruption and inefficient storage. Moreover, despite subsidies on fertiliser and other inputs there was little increase in wheat yields.

In addition, Government policy set limits on both internal and external trade. This meant that private traders and processors could not stabilise wheat supplies across the country through domestic trade or through imports.

Last year, under pressure from domestic factors such as tight budgets and overflowing grain stores, as well as from international partners, the Government started on a process of reform. A first step in this process was for the Government to step back from the wheat market - it abolished the system of fixed prices and wheat procurement by Government agencies.

Unfortunately, complementary reforms were not implemented. Such........

© The Express Tribune