ISLAMABAD: The Federal cabinet on Tuesday was briefed on sugar inquiry report. The prime minister while addressing the cabinet members said that the objective of report was to highlight the reasons that led to the sugar price hike. He said that the government will take action to address the loopholes in the system and will take appropriate steps in order to avoid such incidents in future. The cabinet was also briefed about the purchase of wheat and its supply and demand.
The cabinet was apprised that Asian Development Bank has appreciated Pakistan's strategy and steps taken for poverty alleviation and protecting weaker segments of society from the negative impacts of Coronavirus pandemic. Appreciating government's decision of reducing oil prices in the country, the cabinet decided that benefits of this relief should be passed on to the masses.
Special Assistant on Social Protection and Poverty Alleviation Dr Sania Nishtar briefed the meeting about distribution of Prime Minister's Relief Fund among the deserving families.
The meeting was also informed that foreign remittances worth 18.8 billion dollars were received during the current fiscal year, while country's foreign exchange reserves were recorded at 18.7 billion dollars till the end of April this year.
It was said that current account deficit during the current fiscal year remained at 3.3 billion dollars, which is 1.5 percent of GDP.
This deficit was at 11.4 billion dollars during last fiscal year, which was 4.7 percent of the GDP.
Exports were recorded at 16.4 billion dollars, while imports stood at 19.7 billion dollars showing a service trade balance of 2.6 billion dollars.
Regarding investment in the country, the cabinet was apprised that a total of 1.864 billion dollars were invested during the current fiscal year, while it was just 403 million dollars last year. Policy rate was slashed from13.25 to eight percent.
The cabinet was also briefed on future strategy regarding sugar inquiry report.
The Prime Minister said that the purpose of the inquiry was to reveal facts, which caused a surge in sugar prices affecting the common people of Pakistan.
He said, keeping in view the inquiry report, steps will be taken to rectify weaknesses of the prevailing system.
The meeting decided that an inter-ministerial committee will be constituted to review various aspects in light of the findings of the inquiry report.
The committee will be mandated to give recommendations for comprehensive reforms to fill the loopholes.
Imran Khan directed that such steps are aimed at protecting common man from exploitation through unnecessary burden of price hike.
The cabinet was given a detailed briefing over wheat procurement and estimates of demand and supply of the commodity. It was decided to form a high level committee to maintain a balance between demand and supply so that there will be no shortage of wheat and flour in any part of the country.
The committee, in collaboration with flour mills, will give its recommendations in this regard.
Turning to another issue, Prime Minister Imran Khan directed secretary interior to present recommendations of the task force to curb smuggling.
The Prime Minister also expressed grief over the loss of precious human lives in PIA plane crash incident and said that the government stands by the bereaved families in this hour of sorrow.
Regarding government efforts to revamp economy, the Prime Minister said that process of economic stability and reforms will continue without any interruption. He directed the cabinet members to reduce unnecessary expenditure in their respective departments and ministries keeping in view the current economic situation. He also emphasized on giving special focus on expediting the process of reforms and improving performance of government.
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