ISLAMABAD: Finance Minister Shaukat Tarin directed the Ministry of National Food Security and Research to take immediate steps to import two million tons wheat to ensure adequate stocks in the country.
He was presiding over a meeting of the National Price Monitoring Committee (NPMC).
The finance secretary briefed the meeting about the slight uptick in weekly Sensitive Price Index (SPI), which increased by 0.03 percent during the week under review. Prices of six items witnessed a decline and 22 remained stable.
The committee also reviewed the monthly inflation trend and noted that the Consumer Price Index (CPI) which is 8.4% for July 2021 had declined by 1.3% as compared to the last month such as; 9.7% in June 2021.
The NPMC also reviewed the prices of wheat, sugar, pulses, chicken and other essential food items in the country.
The National Food Security and Research (NFS&R) secretary updated the committee about the wheat procurement process. He apprised that order for purchase of 220,000 tons of wheat had already been placed.
Similarly, the Ministry of Industries and Production secretary briefed the meeting about the efforts underway for import of 600,000 tons of sugar for maintaining buffer stocks.
The tendering process had been initiated and adequate stocks of sugar would be available in the country until the next sugar season, he added.
The NPMC directed the Ministry of Industries and Production to expedite the tendering process and update the committee on weekly basis.
The finance minister reiterated firm commitment of the government in building strategic reserves of essential commodities – sugar, wheat, pulses, edible oil/ghee and others to ensure the price stability and prevent undue profiteering and hoarding.
The strategic reserves would ensure timely availability of basic commodities to bridge the gap between supply and demand, he added.
To this effect, Tarin directed ministry of NFS&R secretary to come up with a firm plan and place before the committee for discussion and requisite approval.
The finance secretary briefed the meeting on the petroleum products prices in the neighbouring countries.
The committee commended that the petrol and electricity’s per unit cost are cheapest in Pakistan as compared to the regional economies. The government had absorbed the pressure in order to provide maximum relief to the consumers.
