Top Story

  Editorial

  Metro

  Kashmir

  Business

  Sports

  Scoop

  Societal

  Health

    Cartoon

ISLAMABAD: The Economy Monitoring Committee (EMC) here on Thursday directed Utility Stores Corporation to release Ramazan Package on discounted prices during the holy month to provide relief to the consumers on essential commodities, including food items.

The EMC meeting was held under the chair of Syed Naveed Qamar Federal Minister for Finance, Privatisation and Investment here.

EMC asked for ensuring sufficient stock during the holy month and directed Ministry of Food, Agriculture and Livestock to ensure wheat supply to USC for smooth availability of flour.

MINFAL was also directed to fast track wheat import to meet domestic shortfall.

Representatives of Ministry of Industries informed EMC that available stock of sugar at the moment was 1.428 million tonnes and there was no likelihood of sugar shortage in the open market.

Earlier EMC directed the ministry to watch sugar prices and its movement on regular basis since government already has imposed a ban on export of sugar to keep adequate stocks available to meet domestic consumption demands, adding that ghee prices be monitored to keep it stable.

Ministry of Industries was advised to be in touch with market leaders in ghee industries for pricing stability and availability of stock to the benefit of consumers.

MINFAL briefed EMC on local urea production and projected import after signing of agreement with Saudi Arabia.

It was reported that instant crop yield conditions after recent rainfall is good and over all production is likely to improve.

NFC briefed EMC about urea sale outlets which have been increased to 131 with 191,300 million tonnes of capacity for storage and distribution.

EMC directed that first imported shipment of urea be provided to NFC for distribution to farmers and asked MINFAL and NFC to arrange mobile sales outlets where there are no proper sales outlet facility.

MINFAL informed that prices of basmati rice have registered downslide along with other food items which consistently are being monitored in terms of available stock position and distribution. EMC allowed MINFAL to transport imported wheat from port to up north through all approved transportation means.

Earlier MINFAL briefed EMC on government’s subsidy being provided on DAP prices against stocks of local production and estimated import to keep the prices stable and affordable for crop growers.

Finance Minister directed MiNFAL and Ministry of Industries to recheck subsidy figures and examine various options about DAP prices and submit recommendations.

MiNFAL was further advised to approach EAD for an additional Saudi facility to finance additional procurement of urea including 0.3 million tonnes already approved.

Ministry of Petroleum, Finance and OGRA jointly briefed EMC about the initial outcome of their negotiations with CNG stakeholders/distributors on CNG pricing formula. EMC directed that consultation with all stakeholders be completed at the earliest and decisions announced after approval of competent forum.

EMC further directed Ministry of Petroleum to submit comprehensive proposals for conservation of petroleum products’ countrywide consumption to address the problem of enhanced oil import bill, besides fast tracking their receivables to improve budgetary position.

Earlier EMC directed Ministry of Water and Power to complete necessary homework and submit proposal for energy conservation.