Business
Govt to provide subsidies on essential commodities, says Finance Minister
Islamabad: Finance Minister Shaukat Tarin Tuesday said that government will start giving targeted subsidies from this month to the weak segments of society on essential commodities including sugar, flour and pulses.
While addressing a news conference along with Minister of State for Information and Broadcasting Farrukh Habib and Special Assistant on Food Security Jamshed Cheema, the Federal minister said, “Targeted subsidy will be in the form of cash assistance, which will cover 35 to 40 percent population”.
Shaukat Tarin said that, in September, governments’ Kamyab Pakistan Program will be launched in order to enable the weak segments of the society to earn their livelihoods.
“The government is also focusing on bolstering the agriculture productivity. In the medium to long term, commodity warehouses, cold storages and agri malls will be established with the aim to eliminate the role of middle man and ensure that the farmers get due price of their products,” he added.
Tarin further added that strategic reserves of major commodities are also being built in order to ensure smooth supplies in the market.
“The prices of wheat will see decline in the coming days,” he revealed.
Shaukat Tarin said that Pakistan Tehreek-e-Insaf (PTI) government has tried its level best not to fully pass on to the masses the impact of international increase in the prices of commodities.
“Price of sugar increased by 48% in the world market but we only creased its price by 11%,” Tarin pointed out.
He further stated that palm oil saw an increase of 50% but we increased the price by 33 to 35 percent.
“Similarly the prices of crude oil and wheat were not enhanced as per the international market,” the minister added.
The Finance Minister said the government is also giving attention to enhance the incomes of the people to enhance their purchasing power.
Shaukat Tarin said that the results of our growth strategy are visible and the revenue collection is increasing.
“We are on the track to achieve 5% growth during the current fiscal year,” he noted, adding that this will also help reduce country’s debt to GDP ratio.