Measures to control inflation: magistracy system may be revived

The government is likely to revive the defunct magistracy system and enforce in letter and spirit Profiteering and Hoarding Act to deal with the rising inflation, it is learnt. Sources said a meeting of provincial chief secretaries held here on Monday finalised their recommendations to be submitted to the next meeting of economic and political leadership on January 26 (tomorrow) for consideration to control inflation.
The meeting was of the view along with these measures, the problem of demand-supply, which is considered primary cause of inflation, to be addressed.
The meeting proposed that effective implementation of Profiteering and Hoarding Act by provinces that would be mandatory for the traders to declare and report their stocks to the authorities. The implementation of the law in letter and spirit would help deal with the issue of hoarding in the economy meant for minting windfall profit.
The provinces' viewpoint was that revival of magistracy system, abolished in 2002 Local Government Ordinance, was critical to monitoring the prices of essential commodities. The revival of magistracy system would empower the municipal inspector to check the prices of essential commodities (pulses, rice ghee, sugar and flour) in the markets and take or propose actions against those minting unfair profit. Sources said that Balochistan has already revived the magistracy system by adopting legislation in 2010 to ensure regular price monitoring of essential commodities.
The meeting presided over by Secretary Finance, Dr Waqar Masood and attended by the Chief Secretaries of the provinces discussed the possibilities to increase the number of Friday and Sunday bazaars to cater for maximum needs of the lower and middle-income groups. The recommendations finalised during the meeting would now be submitted to the next meeting between economic and political leadership on January 26 for taking a final decision. An official said the measures proposed by the meeting with respect to controlling inflation may be announced as good news by the economic and political leadership of the country on the conclusion of the meeting along with other measures.
Sources said the list of people whose loans were written off on political grounds was also finalised in the last two days and would be submitted to the next meeting. The government is confident that these measures would reduce the trust deficit.