Daily Times

The ministry of finance clarified on Thursday that some media report that ‘Pakistan has been listed as the fourth highest in terms of inflation in the world.’

A section of press carried news referring to the report by “The Economist” titled ‘Pakistan has been listed as the fourth highest in terms of inflation in the world’, said a press release issued.

The Economist magazine has reported in its latest edition set of countries (43) without mentioning the exact comparison of Pakistan with similar economies. As per the Economist sheet, the months mentioned in CPI are not the same (August and September). The base is different.

According to a press release issued, Pakistan stands at the 30th place in the world in the inflation index, while Venezuela stands at first, Lebanon at third and Syria at number four.

It is pertinent to mention that the government is taking a range of administrative, policy and relief measures to provide maximum relief to the general public.

Government has decided to release wheat at Rs1950 per 40 kg to ease out its price and ensure smooth supply across the country.

The provincial government of Punjab and Islamabad administration have ensured the daily release of wheat at government notified price.

This has reduced upward pressure on the prices of wheat flour bags. The other Provincial governments have started following the daily release of wheat to ensure Rs1100 per 20kg price across the country.

Similarly, the Government has set the price of sugar at Rs90/kg across the country. The government has absorbed the price differential of imported sugar and made it available to the masses at the government’s fixed price. The crushing of sugarcane crops by the end of October 2021 (in Sindh) and in November 2021 (in Punjab) will further reduce the pressure on the prices of sugar in local markets throughout the country. Under Ehsaas Emergency Cash Program, the government has disbursed Rs179.3 billion to 14.8 million beneficiaries to provide immediate cash relief of Rs12,000 whose livelihood has been severely affected by the pandemic.

The pro-poor allocation under BISP in 2018 amounting to Rs121 billion has been enhanced to Rs260 billion in FY 2022 under the Ehsaas program. Furthermore, the government has imported wheat and sugar to maintain strategic reserves of staple food commodities.

Strategy for reducing middleman’s higher profit margin of essential items by reviewing the entire value chain is being worked out in consultation with provincial chief secretaries. In order to reduce the inflationary pressure, the Government has discontinued borrowing from SBP. From first July to 24th September, FY2022, the government has retired Rs274.9 billion to SBP against the retirement of Rs332.8 billion during the same period of last year.

The government is implementing the National Agriculture Emergency Program amounting to Rs277 billion to uplift the agriculture and livestock sector on modern lines and to enhance the production level of major and minor crops. The outlook for crops of cotton, sugarcane, rice and maize is looking promising which will not only stimulate economic growth but also ensure higher income for the farmers.

At present, pulses prices are witnessing a declining trend. Moreover, the government is keeping strict control on the export of onions and tomatoes which has stabilized the prices of vegetables in domestic markets.

The government is also providing essential items at subsidized prices through a network of Sasta Sahulat Bazars and a chain of Utility Stores throughout the country.