ISLAMABAD - The government would build the strategic reserves by importing 10-20 percent of the total consumption of the staple food items and supply into the market when needed in order to bridge the supply and demand gap.
This was agreed in a meeting of Federal Minister for Finance and Revenue Shaukat Tarin with the Federal Minister for National Food Security & Research Syed Fakhar Imam and Special Assistant to Prime Minister (SAPM) on Food Security Jamshed Cheema to review the price trend of essential commodities.
SAPM on Food Security Jamshed Cheema briefed the finance minister on building strategic reserves of essential commodities namely wheat, sugar, pulses, edible oil/ghee, tomatoes, onion, garlic and chicken to prevent hoarding and undue profiteering. The underlying rationale is to stabilize the prices of items of daily use. The government will build the strategic reserves by importing 10-20% of the total consumption of the staple food items and supply into the market when needed in order to bridge the supply and demand gap. This will check the price fluctuation effectively.
In his remarks, the finance minister directed the ministries concerned to accelerate the import of wheat & sugar and ensure that sufficient stocks are available for smooth supply during the current financial year. He also urged the concerned ministries and TCP to exercise due diligence and take appropriate measures for risk hedging while floating tenders in international market.
The finance minister urged the representatives of the provincial governments to take corrective measures for reducing price differential between farm and retail prices. He emphasised the need to review the entire food value chain and ensure that the farmers get a commensurate share of market value of their produce.
The SAPM on Food Security stated that farmers must follow the international best practices and look into alternate options for perishable commodities like tomato puree, onion powder, garlic powder etc to meet peak demand due to seasonal variations. This will offer cost-effective products for the consumers as well.
SAPM on Finance and Revenue Dr. Waqar Masood, Secretary Finance Division, Secretary M/o Industries and Production, Secretary M/o National Food Security Research, Provincial Chief Secretaries and other senior officers participated in the meeting.
Tarin for strengthening
Pak-Canada business, economic linkages
In other development, Ms Wendy Gilmour, the High Commissioner of Canada for Pakistan, called on the Federal Minister for Finance and Revenue Shaukat Tarin here at the Finance Division.
While extending a warm welcome to the Canadian High Commissioner, the finance minister stated that Pakistan has long-standing and multidimensional ties with Canada. Canada has a large number of Pakistani diaspora and people to people contacts contribute an important component of the bilateral relations. The finance minister said that Canada is one of the major development partners and stressed the need to further strengthening business and economic linkages between the two countries.
The finance minister briefed the Canadian High Commissioner about the recent economic developments and initiatives. The finance minister stated that enhancing revenue collection, boosting exports, increasing remittances and making the energy sector sustainable are the foremost priorities of the current government. In addition to these, the government will promote agriculture, housing and SME sector while Kamyab Pakistan Program will be its signature project. The minister added that for inclusive and sustainable growth, the government is preparing various short, medium and long term plans in 14 priority areas and it is his firm belief that these plans will bring about a turnaround of the economy and establish it on a more sound footing.
The Canadian High Commissioner thanked the finance minister for his time and informed him that the Canadian business community sees great investment potential in wind-power generation, power transmission systems as well as mining sector in Pakistan. She stated that government’s support in these areas will attract Canadian investors to bring their businesses to Pakistan. The finance minister assured the Canadian High Commissioner of his support for attracting investment in Pakistan.
