ECC allows import of additional 200,000T wheat
Business
January 7, 2021
ISLAMABAD: The government on Wednesday decided in principle to import additional 200,000 tons of wheat to create buffer stocks and avoid shortage till the harvesting of the next crop. The final decision will be taken after consultations with all stakeholders.
The Economic Coordination Committee (ECC) of the cabinet took the decision during a meeting presided over by Minister for Finance and Revenue Hafeez Shaikh.
Ministry of food security and research presented a detailed summary regarding provision of additional quantities of wheat to Utility Stores Corporation, Khyber Pakhtunkhwa and Jammu and Kashmir. The meeting was told about the availability of wheat stocks across the country.
A woman picks up a carton of cooking oil at a store. Increase in ghee and cooking oil prices is forcing many consumers to buy these items on a ‘as needed’ basis instead of bulk buying as part of monthly grocery.
KARACHI: Rising prices of raw materials in local and world markets are causing extensive price pressure on various essential commodities, either edible or those used as raw material or fuel in industry. Rising demand as well as escalating global prices are driving the phenomenon.
The wholesale price of sugar has crawled up by Rs5 per kg in the current week despite frequent imports by the private and public sector.
TCP seeks Rs424bln loan to import commodities
Business
December 23, 2020
KARACHI: State-owned Trading Corporation of Pakistan (TCP) has sought Rs424 billion worth of commodity financing from banks to import sugar, wheat, urea and cotton next year, it was learnt on Tuesday.
Sources said all banks under the licencing terms of the State Bank of Pakistan (SBP) could participate in the loan required for three-month commodity financing for up to March at the 3-month Karachi interbank offered rate as of December 31.
“TCP has already obtained approval from the ministry of finance for the planned commodity operation financing, and banks would provide financing against government guarantees,” an official said, requesting anonymity.
Weekly SPI registers 0.22% decline
December 21, 2020
ISLAMABAD, Pakistan: The Federal Minister for Finance and Revenue Dr. Abdul Hafeez Sheikh chaired the meeting of the National Price Monitoring Committee (NPMC) in Islamabad on Monday.
The Prime Minister’s Adviser on Commerce Abdul Razaq Dawood, the Prime Minister’s Special Assistant on Revenue Dr. Waqar Masood, the Secretary at the Ministry of National Food Security & Research (MNFS&R), the Special Secretary Commerce, the Additional Secretary Industries and Production, the Chairman Federal Board of Revenue (FBR), the Provincial Chief Secretaries, the Managing Director PASSCO, the Managing Director Utility Stores Corporation (USC), the Chairperson Competition Commission of Pakistan (CCP), the Chairman Trading Corporation of Pakistan (TCP), the Member Pakistan Bureau of Statistics (PBS), and Senior Officials of the Finance Division participated in the meeting.
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