Qureshi urges provinces to join efforts against inflation

ISLAMABAD: Foreign Minister Shah Mehmood Qureshi stressed on Wednesday the government was not oblivious of its responsibility to stabilise prices of wheat, sugar and other essential items, but he emphasised the need for a well-coordinated and joint effort by the federal and provincial governments to rein in the soaring prices.

Attributing the current increase in the prices of wheat, wheat flour and sugar to the gap in demand and supply that caused speculation, he said the government would not let hoarders and profiteers to benefit from the situation through various administrative measures.

The government, being cognisant of enhanced cost of production and prices in the international market as well as to encourage growers, was considering increasing the minimum support price of wheat for the next crop, Qureshi said at a joint news conference with Minister for National Food Security and Research Syed Fakhar Imam and Minister for Industries and Production Hammad Azhar.

The foreign minister said the matter would be taken up during the upcoming meetings of the Economic Coordination Committee of the Cabinet (ECC) and the federal cabinet. He said the increase in minimum support price, besides encouraging wheat growers to cultivate more wheat, would also help augment the production and supply of that vital commodity.

The foreign minister referred to decisions taken during a high-level meeting chaired by Prime Minister Imran Khan a day earlier and said in order to check the price of wheat flour, the government of Punjab would release an additional 2,000 tons of wheat to flour millers on daily basis.

Besides, he said the government of Sindh had also finally decided to release 10,000 tons of wheat per day from its stocks which would help stabilise the supply and prices of wheat and wheat flour in Karachi and interior of Sindh.About sugar, he said the federal government had taken various measures including allowing zero-rate import of the commodity to check its prices.

The foreign minister said the government, in order to benefit the poor and low income groups, would also ensure increased availability of wheat flour and sugar at subsidised rates at utility stores across the country.

Answering a question, Qureshi said the opposition after failing to get relief or NRO (National Reconciliation Ordinance) through amendments to NAB (National Accountability Bureau) had changed their views and were now criticising the government on different issues.

He reminded the opposition parties that the current situation in different sectors, including that of agriculture or others, did not worsen during the last two years but was a backlog of the two previous regimes. The foreign minister, however, maintained the government was committed to tackle all the challenges, including price hike.

Minister for National Food Security and Research Syed Fakhar Imam also reaffirmed government’s commitment to ensure provision of essential commodities to the common man at affordable rates.

He told journalists that effects of relief would soon start appearing. He said international price parity of wheat as compared to local market spiked the prices and created a room for third force to hoard the commodity for extra profiteering.

He said a mechanism in collaboration with provincial governments would be evolved to check undue price hike and discourage nexuses of cartels and hoarders.

Speaking on the occasion, Hammad Azhar said the government had decided to start physical inspection of sugar to verify stocks. He said so far about 55,000 tons of sugar had been imported and further 100,000 tons would arrive in next few days that would bring down the prices by Rs 10 to 15 per kg.