PM bans sugar export to stabilise prices
ISLAMABAD: Prime Minister Shahbaz Sharif has imposed a ban on the export of sugar to stabilise prices and control hoarding of the commodity in the country, his office said on Monday.
In a statement, the office quoted the premier as saying that the first priority is to fulfil the domestic demand and stabilise the prices of sugar for the people, reports Xinhua news agency.
Shah baz also directed the concerned authorities to take stringent measures against the smuggling of the commodity.
He ordered the concerned departments to sternly deal with hoarders, illegal profiteers and other factors involved in creating an artificial shortage of sugar, the statement added.
According to the statement, Shahbaz will keep himself updated on the implementation of the measures, adding that relevant authorities will be held accountable for any negligence.
FLOUR CRISIS: A flour crisis looms over Pakistan with the government locking up the wheat in its coffers amid a shortage in the open market.
Sources told The Express Tribune that flour mills had reduced the procurement of wheat and milling fearing a possible fall in its prices. There is also a risk of a flour crisis if the gap between supply and demand widens.
However, government sources claimed that there was an abundance of wheat and a new policy would be announced soon. They maintained that there would be no flour crisis.
Despite the increase in flour prices up to Rs1,300 in Punjab, its availability is not stable.
The sources said that the government had started final consultations on early supply of the wheat in its stock to the flour mills, The Express Tribune said.
The supply of government wheat to the flour mills is likely to start this month instead of June.
The sources said the Prime Minister had decided in principle to reduce the open market flour prices by between Rs200 and Rs300 per 20kg bag.
The government is considering seting the price of a 20kg flour bag between Rs1,000-1,100.
According to sources, the government will bear a subsidy of more than Rs600 per 20kg bag for providing cheap flour to the people.
The government has also started consultation son wheat imports to strengthen the country’s reserves.
In a separate development, furniture exports during the first nine months of fiscal year of 202122 grew up by 111.59 per cent as compared to the exports of the commodity during the corresponding period of last year.