ISLAMABAD: Federal Minister of Finance and Revenue Shaukat Tarin on Monday ordered relevant ministries to speed up the importation of wheat and sugar and to ensure that sufficient stocks are available for a regular supply over the course of the period. current exercise.
Tarin held a meeting with Federal Minister of National Food Security and Research Syed Fakhar Imam and SAPM on Food Security Jamshed Cheema to review the trend in commodity prices.
SAPM on Finance and Income Dr Waqar Masood, Secretary of the Finance Division, Secretary of the Ministry of Industry and Production, Secretary of the Ministry of National Food Security Research, Provincial Chief Secretaries and other senior officials attended the meeting.
SAPM on Food Security Jamshed Cheema briefed the Minister of Finance on the building up of strategic reserves of essential commodities, namely wheat, sugar, legumes, edible oil / ghee, tomatoes, onion, garlic and chicken to avoid hoarding and unwarranted profits.
The underlying logic is to stabilize the prices of items of daily use.
Tarin orders the ministry to import 2 million tonnes of wheat
The government will build up the strategic reserves by importing 10 to 20 percent of total consumption of basic foodstuffs and supplying them to the market when needed to bridge the gap between supply and demand.
This will effectively check the price fluctuation.
The finance minister called on the relevant ministries to speed up the importation of wheat and sugar and to ensure that sufficient stocks are available for a regular supply during the current fiscal year.
He also urged the relevant ministries and the TCP to exercise due diligence and take appropriate measures for risk coverage, while launching tenders in the international market.
The Minister of Finance urged representatives of provincial governments to take corrective action to reduce the price differential between farm gate prices and retail prices.
He stressed the need to review the entire food value chain and ensure that farmers get a proportional share of the market value of their products.
SAPM on Food Safety said farmers should follow international best practices and research other options for perishable products like tomato puree, onion powder, garlic powder, etc. to meet peak demand due to seasonal variations. It will also provide profitable products for consumers.
Copyright Business Recorder, 2021