BREAKING NEWS

Pakistan to pay Iran for electricity with wheat

By REUTERS

MAY 17, 2013 12:16

ISLAMABAD - Islamabad has authorized the export of 100,000 tons of wheat to Iran in trade not jeopardized by Western sanctions, to settle dues for electricity supplied to Pakistan's energy-starved border areas, the Commerce Ministry said on Friday.

The shipment of 100,000 tons was to have been delivered to Iran in mid-February but was delayed by preparations for Pakistan's May 11 election.

"The wheat is being given to Iran against the outstanding payment of $53 million for electricity supplied to Pakistani border areas from the Iranian grid," ministry spokesman Mohammad Ashraf said.

"The interim cabinet has approved the decision and exports will be initiated as early as possible."

Western sanctions do not target food shipments, but financial measures have frozen Iranian companies out of much of the global banking system, hindering payments for imports, on which Iran relies for much of its food.

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