Monday, May 29, 2023

Sugar import to be accelerated: Tarin

Finance Minister Shaukat Tarin formed a subcommittee to accelerate the import of 600,000 tonnes of sugar and instructed the Ministry of Food Security to finish wheat purchases as soon as possible.

The minister, who presided over a meeting of the National Price Monitoring Committee, instructed the agencies in charge to finish the procurement of wheat and sugar in stages, taking into account the current international rates.

Mr. Tarin suggested looking at financial risk hedging about critical commodity imports.
According to an official announcement, a subcommittee formed by the secretary of the ministry of food security, the secretary of Industry and Production, a representative of the Ministry of Commerce, and the presidents of FBR and of the Trading Corporation of Pakistan will accelerate the importation of sugar to guarantee the supply of the country.

The finance minister instructed Ghufran Memon, Secretary of the Ministry of Food Security, to develop mechanisms for constructing commodities warehouses, storage facilities, and agri-malls through public-private partnerships and deliver a proposal to the committee.

Jamshed Cheema
, Special Assistant on Food Security, indicated that a plan in this respect has been finalized and would be presented for approval shortly.

Mr. Tarin emphasized the necessity of genuine market interventions such as stockpiling strategic stocks of wheat, sugar, edible oil/ghee, vegetables, and pulses to prevent hoarding and profiteering.

He stated that the government will flood the markets with vital commodities to bridge the supply and demand imbalance in order to keep price increases in check. According to him, Pakistan is a net importer of essential food products such as wheat, sugar, and pulses.

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