Government actions to safeguard citizens from price increases following floods in Pakistan

The Finance Minister of Pakistan, Muhammad Aurangzeb, presided over the first meeting of the Steering Committee on Inflationary Trends, which was established by Prime Minister Shehbaz Sharif last week.

The gathering, attended by senior officials from various departments, including the Finance Division, Power Division, Petroleum Division, Planning Ministry, Ministry of National Food Security & Research, State Bank of Pakistan, Pakistan Bureau of Statistics, and the Sustainable Development Policy Institute (SDPI), focused on addressing the rising food prices and their impact on flood-hit and low-income households.

During the meeting, the committee examined both domestic and global factors driving inflation. The minister emphasized the importance of smooth supply lines and timely interventions to control inflationary pressures. He also pledged swift action to ease supply chain bottlenecks.

The committee discussed the price trajectory of essential commodities, particularly in flood-hit areas. To further monitor the prices, the committee agreed to intensify its efforts, especially in regions affected by the recent floods.

The Finance Minister directed the Ministry of National Food Security & Research and the Pakistan Bureau of Statistics to assess the available stocks of wheat, rice, and sugar. However, no new directive was given regarding the assessment of these stocks.

The committee decided to reconvene soon for a rapid follow-up. Despite the lack of new information about the evolving situation of major crops, the minister assured full government support in extending relief to vulnerable households.

The minister also stressed the need for strengthening market monitoring. He assured that all federal and provincial agencies would be instructed to propose actionable solutions to ensure the availability of essential food items.

Unfortunately, no new information about the proposed measures to ensure the availability of essential food and protect the most vulnerable groups from price shocks after the meeting was provided. Additionally, no new domestic factors driving inflation were discussed in this paragraph.

The Finance Minister did not address any specific global factors driving inflation in this meeting. However, he assured that the committee would continue to examine both domestic and global factors to address the issue of inflation effectively. The committee concluded the meeting with a commitment to reconvene soon for further discussions and actions.

Government actions to safeguard citizens from price increases following floods in Pakistan