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ISLAMABAD: The government would procure 40,000 tons each of gram and moong pulses with the objective to keep as strategic reserves to stabilise prices in the domestic market, said an official.

An official said that the SAPM on Food Security, as discussed in the weekly meeting of the National Prince Monitoring Committee that he would submit a strategy to build strategic reserves of pulses, met with Finance Minister Shaukat Tarin and discussed the strategy with him.

The Ministry of National Food Security and Research would move a summary before the ECC for approval on Wednesday for purchase of 40,000 tons of moong and gram each to maintain strategic reserves.

The official said that the SAPM on Food Security would manage the building of strategic reserves of essential commodities and he would be updating the NPMC on a weekly basis.

July-August: Pakistan’s food import bill increases 50% YoY, amounts to $1.47bn

According to the official, the SAPM on Food Security has been asked to bring all the details for purchase of pulse including how much cost would be involved.

The finance minister said that the government is taking steps to maintain strategic reserves of wheat, sugar, and pulses.

He said that 600,000 metric tons of sugar was being imported, besides wheat to build strategic reserves and was being sold at subsidized rates.

The provincial departments have been directed to sell both the commodities at government fixed rates; he said that all these measures have been taken to stabilise prices of the essential items during short term.

Jamshed Iqbal Cheema, SAPM on Food Security stated that arrangements are being made to purchase for building strategic reserves of pulses and these would be subsequently sold at subsidised price at the USC and Saasta Sahulat Bazaars.

An official said that the finance minister has been concerned over volatility of prices especially of essential commodities in the local market.

He was presiding over weekly meetings of National Price Monitoring Committee (NPMC) to get regular briefing on prices and measures being taken by the provinces and federation to deal with minting of profit.

In the last meeting, the SAPM on Food Security assured the NPMC that he would present a strategy before NPMC to build strategic reserves of pulses and other perishable commodities.

A meeting, an official on condition of anonymity said was held between the finance minister and the SAPM on Food Security, wherein, it was decided to purchase pulses, moong and gram to maintain strategic reserves.

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