ISLAMABAD, April 25: Finan-ce Minister Ishaq Dar informed the National Assembly on Friday the country had to suffer a loss of Rs44.9 billion owing to mismanagement in export and import of wheat by the previous government.

He said that a National Assembly committee on finance would investigate into the matter and find out who were beneficiaries of the mismanagement which also aggravated the flour crisis in the country.

Mr Dar said during the question-hour session that the last government had allowed the export of half a million tons of wheat at $200 per ton because of inaccurate estimates of the crop.

The government had estimated the wheat production at 25 million tons while allowing the export. But the crop later turned out to be 23.3 million tons, he said, adding that the government had to place orders for the import of 1.7 million tons at more than double price, i.e. $500 per ton, thus causing a loss of Rs44.9 billion to the national exchequer.

The finance minister said that the wheat production was estimated to be 21.8 million tons this year. However, the government would ensure accurate estimates of the crop, he added.

He said that there would a shortfall of 920,000 tons of wheat this year, adding that the cabinet had approved the import of 1.5 million tons to meet the deficit.

Mr Dar said his ministry was trying to control the damage done by the previous government in financial matters.

He said only 10 weeks remained in the current financial year, but “we will do maximum recovery and try to control the damage”.

Responding to a question, he said the government would ensure stability in prices and supply of cement and sugar.

He said that several institutions had failed to implement anti-monopoly laws in letter and spirit. In order to protect the interests of consumers, the Monopoly Control Authority had served 194 show-cause notices on the parties concerned.

The authority had also issued 499 orders and imposed penalties amounting to Rs8.430 million, he added.