NPMC Orders Government to Immediately Import 2 Million Tons of Wheat
Mr. Shaukat Tarin, Federal Minister for Finance and Revenue, presided over the National Price Monitoring Committee (NPMC) meeting held at the Finance Division.
The Secretary, M/o NFS&R provided an update to the Committee on the acquisition of wheat. The order for the purchase of 220,000 tons of wheat has already been placed, he reported.
The NPMC, after taking stock of the situation, authorized the Ministry of National Food Security and Research to take immediate action to import 2 million tons of wheat in order to secure enough wheat stockpiles in the country.
The Finance Minister reaffirmed the government’s commitment to constructing strategic reserves of vital commodities (sugar, wheat, pulses, edible oil/ghee, etc.) in order to maintain price stability and prevent excessive profiteering and hoarding.
The strategic reserves would guarantee the timely availability of essential commodities to close the supply-and-demand gap. In this regard, the Finance Minister instructed the Secretary M/o NFS&R to develop a concrete strategy and present it to the committee for discussion and approval.
In his final remarks, the Finance Minister highlighted the rising trend in world commodity prices in the wake of the COVID-19 outbreak and emphasized the efforts made to keep the costs of necessary products under control.
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