Pak says no to discounted Russian wheat; Forex crisis amid food scarcity

Amid the political & economic instability, debt-laden Pak battling a wheat crisis. Russia's final offer for Pak - 120,000 metric tons of wheat at a price of $399.50. Pak wanted Russia to tweak the offer price to $390 per metric ton (2.4% reduction). The call to snub Russian wheat was taken at Economic Coordination Committee meet. Pak has around 7.7MN metric tons of wheat; enough for just 168 days of consumption. Some decision-makers opposed the decision, owing to the thin stock of wheat in Pak. However, Pak has lost the deal as acceptance deadline was Friday 6PM, Moscow time. Sharif Govt has already decided to reduce the wheat strategic reserves requirements.