ISLAMABAD: Finance Minister Dr Abdul Hafeez Sheikh has decided to approve provision of wheat to the Utility Stores Corporation (USC), and directed the Ministry of National Food, Security and Research to move a summary to the Economic Coordination Committee (ECC) for formal approval.

The decision was taken by the finance minister while chairing the meeting of the National Price Monitoring Committee (NPMC) on Monday. The NPMC reviewed the availability of essential commodities namely wheat, flour, sugar, tomatoes, onions, vegetable ghee, and chicken, and the finance secretary informed the meeting that there had been a consistent decline in prices for the last three weeks.

This is due to improved availability of wheat, sugar, and vegetables due to imports by government and the private sector. The finance minister urged the provincial governments to strictly monitor the prices of chicken and ensure smooth supply to minimise the gap in supply and demand.

He also held a detailed discussion with the secretary Ministry of National Food Security and Research, and the provincial chief secretaries regarding position of wheat and sugar stocks in the provinces. The secretary Ministry of National Food briefed the NPMC that sufficient stocks of wheat were available across the country.

The Azad Jammu and Kashmir (AJ&K) Government had demanded additional quantity of wheat which will be fulfilled in time, he assured. The finance minister also approved provision of wheat to the USC, and the formal approval would be granted as per the summary moved by the MNFS&R in the next ECC meeting.

The secretary Industries and Production briefed that the slight increase in the price of vegetable ghee was due to spike in international prices. The finance minister directed the Ministry of Industries and Production to look into upward pricing trend in the international market, and take necessary steps to minimise its impact on domestic prices, he concluded.

Minister for Industries and Production Hammad Azhar, SAPM on Revenue Dr Waqar Masood, Secretary MNFS&R, Secretary Industries and Production, the Provincial Chief Secretaries, MD USC and representatives of the ICT Administration, the PBS, the TCP and senior officers of the Finance Division participated in the meeting.

Copyright Business Recorder, 2020