PTI govt vows to control wheat, flour prices
Food security ministry directed to prepare summary for discussion in ECC meeting
Dr Hafeez Shaikh chairing an ECC meeting. PHOTO: INFO MINISTRY
ISLAMABAD:
The government would take all possible measures to control wheat prices and overcome any shortage, declared Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh at a high-level meeting held at the Finance Division.
Shaikh chaired the meeting that reviewed wheat and flour situation in the country and causes for the recent increase in wheat and flour prices, especially in Khyber-Pakhtunkhwa and Balochistan.
During the meeting, convened on the directive of Prime Minister Imran Khan, various issues pertaining to increase in prices of wheat and flour were highlighted.
Following the discussion, the Ministry of National Food Security and Research was directed to prepare and bring a summary to the Economic Coordination Committee (ECC) of the cabinet in light of discussion on the subject.
The matter would be discussed at the cabinet level for appropriate decisions to ensure the supply of wheat and flour across the country at reasonable prices. Last week, the ECC allowed duty-free import of wheat and banned its export as federal and provincial food departments could meet only 80% of the procurement target. “The ECC allowed import of wheat by the private sector for an unlimited period after waiving different taxes and duties,” said the finance ministry last week.
The ECC also gave directives for removing restrictions on the movement of wheat and flour within the country and banned exports until further recommendation, it added.
The ECC was briefed that Pakistan Agriculture Storage and Services Corporation (Passco) and provincial food departments had so far procured 6.5 million tons of wheat or 80% of the target of 8.25 million tons
Passco and Khyber-Pakhtunkhwa government would continue procurement till the end of June, the ECC was told. However, farmers were not selling wheat at the official rate of Rs1,375 per 40 kilogramme and prices soared above Rs1,800 in Punjab due to high demand.
Published in The Express Tribune, June 18th, 2020.
The government would take all possible measures to control wheat prices and overcome any shortage, declared Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh at a high-level meeting held at the Finance Division.
Shaikh chaired the meeting that reviewed wheat and flour situation in the country and causes for the recent increase in wheat and flour prices, especially in Khyber-Pakhtunkhwa and Balochistan.
During the meeting, convened on the directive of Prime Minister Imran Khan, various issues pertaining to increase in prices of wheat and flour were highlighted.
Following the discussion, the Ministry of National Food Security and Research was directed to prepare and bring a summary to the Economic Coordination Committee (ECC) of the cabinet in light of discussion on the subject.
The matter would be discussed at the cabinet level for appropriate decisions to ensure the supply of wheat and flour across the country at reasonable prices. Last week, the ECC allowed duty-free import of wheat and banned its export as federal and provincial food departments could meet only 80% of the procurement target. “The ECC allowed import of wheat by the private sector for an unlimited period after waiving different taxes and duties,” said the finance ministry last week.
The ECC also gave directives for removing restrictions on the movement of wheat and flour within the country and banned exports until further recommendation, it added.
The ECC was briefed that Pakistan Agriculture Storage and Services Corporation (Passco) and provincial food departments had so far procured 6.5 million tons of wheat or 80% of the target of 8.25 million tons
Passco and Khyber-Pakhtunkhwa government would continue procurement till the end of June, the ECC was told. However, farmers were not selling wheat at the official rate of Rs1,375 per 40 kilogramme and prices soared above Rs1,800 in Punjab due to high demand.
Published in The Express Tribune, June 18th, 2020.