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Pakistan

PM Shehbaz demands formulation of strategy to address economic woes

  • Also calls for simplification of banking system to facilitate common man
Published May 9, 2022
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Prime Minister Shehbaz Sharif called on Monday for the formulation of a comprehensive strategy to effectively deal with economic problems being faced by the people.

In a meeting with Federal Minister for Finance Miftah Ismail and HBL President Muhammad Aurangzeb, he said special arrangements should be made to ensure supply of food items to the people at affordable rates, according to a statement from Prime Minister’s Office.

The PM also demanded simplification of the banking system for the economic well-being of the common man.

Earlier today, the PM imposed a total ban on export of sugar, hoping to stabilise its price by making a higher amount of the commodity available in the domestic market.

“Given the domestic demand, I have ordered a complete ban on the export of sugar,” he tweeted.

PM Shehbaz orders ban on sugar export

“There will be strict action against smuggling and hoarding. Absolutely zero tolerance for those found negligent in their duties.”

Following the end of the Rs8.2 billion Ramzan Relief Package, the government subsidised sugar and sold it at Rs70 per kilogram in Utility Stores through a Rs750 million subsidy.

Meanwhile, the Economic Coordination Committee (ECC) of the Cabinet is also scheduled to meet on Monday (today) to approve extension of subsidy on five items at the Utility Stores Corporation (USC) under the PM’s package for two more months (May and June) 2022.

As of now, Utility Stores Corporation does not have approval for continuation of subsidy post Ramazan and, therefore, in the absence of an approved plan, prices of commodities sold at Utility Stores will register significant increase.

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