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Govt to Surge process for Rack up sugar reserves

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin on Monday directed the Ministry of Industries and Production (MOI&P) to expedite the process for building strategic reserves of sugar in the country to maintain stability in its prices.

He issued the directives while presiding over the meeting of National Price Monitoring Committee (NPMC), held at the Finance Division, said a press release.

Economic Adviser Finance Division briefed the NPMC about weekly SPI which witnessed decrease by 0.08% as compared to increase of 1.35% in the previous week, 33 food items contributed decrease of 0.07%, whereas 18 non-food items contributed decrease of 0.01% to the SPI.

NPMC was informed that prices of 21 items remained stable in the last week. Whereas prices of 14 items decreased contributing decline in SPI by 0.43%. The items shown decline in prices of Tomatoes by 0.24%, Potatoes by 0.04%, Onions by 0.04% and other by 0.11%. While prices of 16 items increased that contributed increase in SPI by 0.35% which included Garlic by 0.04%, Chicken by 0.20%, Banana by 0.03% and others by 0.08%.

NPMC was informed that there was healthy decline in prices of daily commodities during the last week including prices of Pulses, Tomatoes, Chillies Powder, Potatoes, Onions, Eggs, Sugar, Gur, Wheat Flour bag. The meeting was apprised that prices of Eggs have witnessed decline for the last five weeks consecutively.

NPMC was updated on the prices of wheat flour and was informed that there is decline in the Wheat flour prices in the country and sufficient stocks are available.

The Secretary NFS&R gave a presentation on the existing available stocks and eventual demand of Wheat. The Chair directed Ministry of NFS&R to work out a plan for future requirement of Wheat considering actual data on production and consumption of Wheat in the country.

NPMC also discussed sugar prices in the country and was apprised that a slight decrease in the sugar prices have been witnessed in the last week.

The NPMC was also briefed on the comparison of daily commodities’ prices in Pakistan with regional countries India, Bangladesh and Sri Lanka.

It was witnessed that prices of daily commodities in Pakistan are the lowest in the region.In his concluding remarks, the Finance Minister underscored the efforts being made for keeping the prices of essential items in check and measures to ensure smooth supply of essential commodities throughout the country.

Source : APP

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