ISLAMABAD  -  A parliamentary committee on Wednesday constituted a sub-committee to recommend the measures for controlling soaring inflation in the country. The meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held under the chairmanship of MNA Asad Umar.

The Economic Advisor, Ministry of Finance briefed the Committee on Consumer Price Index (CPI) and Sensitive Price Index (SPI). He informed the procedure for collecting the data of CPI & SPI. The Committee expressed its grave concern over the sharp increase in household prices. However, he informed that prices trend in market for different commodities have been decreased during last two week. He told that Pakistan Bureau of Statistics (PBS) has issued new trend of CPI. The Ministry of Finance Secretary stated that government was focusing on policy rather than relief measures regarding to control the inflation.

Chairman of the Committee Asad Umar categorically said that “there was no issue other than inflation”. The Committee members have shown their apprehensions about the based data for making monitory policy by the State Bank of Pakistan(SBP). They were of the view whether SBP will continue its monitory policy on old date or will change according to the new figure. The Committee appointed three members Sub-Committee under the convenership of MNA Dr. Aisha Ghous Pasha, MNA Ms. Hina Rabbani Khar and MNA Dr. Ramesh Kumar Vankwani, as it members. The Term of Reference (ToR) would recommend the measures for controlling inflation.

Secretary, Ministry of Finance briefed the Committee regarding fiscal situation of the country and leading accumulation of debt and fiscal deficit in current year 2018-19 and plans for 2019-20.  He informed that budget deficit had widened to Rs3.44 trillion in last fiscal year as compared to Rs2.81 trillion of the preceding year. He informed the Committee about shortfall in FBR and other revenues. He said that Rs321 billion was decreased in FBR revenue, Rs276 billion was decreased in other revenues in 2018-19, Rs286 billion was increased in expenditures, Rs 224 billion in current expenditures and total deficit was Rs686 billion during last financial year, which was approximately 1.8 percent decrease in GDP.  He also informed the Committee about the details of domestic and external debts upto 30th June, 2019.