Mr. Miftah Ismail, the Federal Minister of Finance and Revenue, presided over today’s meeting of the Cabinet’s Economic Coordination Committee (ECC).
Under the Ramzan Relief Package-2022, the Ministry of Industries and Production filed a brief on the revision of Atta and Sugar prices. The ECC approved the revision of Atta and Sugar prices from Rs. 950/20 kg to Rs. 800/20 kg, Rs. 85/kg to Rs. 70/kg, respectively, in order to provide continuous relief to the lower strata of society from global inflationary pressure. It also ordered that the discount of Rs. 190/kg on vegetable ghee be maintained. For the benefit of the ordinary man, the government will continue to absorb the cost of subsidies.
Because there is already stock available at the Utility Store Corporation (USC) for selling commodities at a cheaper rate of Ramzan relief package, the ECC directed the USC to continue to sell commodities at Ramzan relief package prices, according to another summary submitted by the Ministry of Industries and Production on the continuation of the Prime Minister’s Relief Package 2020 for the months of May and June, 2022.
To build up strategic reserves and stabilise the local wheat market, the Ministry of National Food Security and Research filed a summary for acquisition of an additional quantity of Wheat for PASSCO and Punjab Food Department with cash credit limits.
On April 30, 2022, PASSCO and Punjab met their wheat purchase targets of 1.20 MMT and 3.5 MMT, respectively. In the wake of low wheat production in the country due to the previous government’s failure to provide fertilisers to growers on time, the Chair allowed PASSCO to procure an additional quantity of 0.50 MMT with a CCL of Rs. 28.50 billion and the Punjab Food Department to procure an additional quantity of 1.00 MMT with a CCL of Rs. 145.50 billion. The Chair further stated that after the Sindh government reaches its current procurement objective, it will be permitted to purchase more wheat.
According to another summary submitted by the Ministry of National Food Security and Research, the ECC approved 3.00 MMT of wheat import on a need basis, based on the demand of the PASSCO and provincial governments, to build up strategic reserves and stabilise wheat prices in the country, taking into account the current world scenario, its effects on the world economy, and the demand-supply situation of wheat in the country. The Finance Minister also instructed the relevant agencies to develop funding and procurement arrangements.
The ECC deferred a summary for the Wafaqi Mohtasib Secretariat Supplementary Grant.