Tarin For Early 2 Mln Tons Wheat Procurement To Ensure Adequate Stock In Country

ISLAMABAD, (UrduPoint / Pakistan Point News - 2nd Aug, 2021 ) :Finance Minister Shaukat Tarin Monday 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.

Reviewing the prices, the finance minister directed the Petroleum Division to analyze impact of the current escalation in the liquified natural gas prices on the consumption of other fuels in order to look for alternatives and ensure availability of sufficient stocks.

In his concluding remarks, Finance Minister Tarin highlighted the rising trend in international commodity prices amid COVID-19 pandemic and underscored the efforts being made for keeping the prices of essential items in check.

He further said any assistance, financial or otherwise, needed in that regard would be provided to the respective provincial administrations and departments concerned for effective monitoring and lessening the burden of price fluctuation due to international price hike.

Federal Minister for National Food Security and Research Fakhar Imam, Special Assistant to the Prime Minister (SAPM) on Finance and Revenue Dr Waqar Masood, Secretary Finance Division, SAPM on National Food Security and Research Jamshed Cheema, NFS&R and commerce secretaries, PD&SI additional secretary, provincial governments chief secretaries, PBS member, chief commissioner Islamabad, Capital Development Authority chairman and other senior officers attended the meeting.