Avoid panic buying, urge traders

Say ample supply of staple grain, daily use and essential items available in the country

ISLAMABAD: Traders and businessmen in the federal capital on Thursday said that adequate stocks of all food grains, daily-use and essential commodities were available in the country to cater to demand and cope with any emergency created in the wake of COVID 19 pandemic outbreak.  However, they advised against panic buying and hoarding to ensure their immediate availability.

"Pakistan is self-sufficient in all food grains including wheat, rice, and sugar while adequate stocks of all these commodities are available to strike a balance between demand and supply," said Islamabad Chamber of Commerce and Industry (ICCI) President Ahmad Waheed on Thursday.

However, he urged the government to evolve a comprehensive mechanism to avoid panic buying by the public as seen in some developed countries of the world and parts of the country as well.

Waheed assured the government of the business community's support to deal with the pandemic, stating that the entire nation stands united to avert this threat by acting upon the guidelines issued by the federal and provincial governments.

The ICCI president, however, suggested that the government initiate a rationing system to avoid panic amongst the public and ensure the smooth supply of food and essential items and rationalization of costs besides binding retailers to sell products on a per-head basis to ensure a smooth and swift demand and supply mechanism.

In this time of need, the business community will strongly discourage profiteering and hoarding, he said, while asking the government to take strict measures against elements involved in hoarding and profiteering and give them exemplary punishments to stop any such practices.

The ICCI president conceded that it was a difficult time for the trade and industrial sector of the country, as the local industry was already facing many pressures including rising interest rates, electricity charges which cumulatively contributed to a compound increase in the cost of production, however, the business community will stand with the government at this hour of need.

The All Pakistan Traders Association President Kashif Chaudhry also assured that sufficient stocks of food and essential commodities were available in the country.

However, creating a situation of panic can be problematic.

He added that there is no shortage of masks and sanitisers, but panic buying can lead to hoarding and subsequently a shortage of these items in the market.

The representative of grains and commodities traders said that the traders in all big cities had held meetings with their respective district administrations for enhancing coordination to cope with any emergency. While urging the government to take measures to manage the situation, he warned that a lockdown could trigger mass unemployment.

Published in The Express Tribune, March 20^th, 2020.