Fertilizer at notified rates directed: Energy price hike propelled inflation to 29.2pc in Nov, ECC told

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday directed the relevant ministries to work with provinces to ensure availability of fertilizer to farmers at notified rates, while the meeting was told that recent energy prices’ increase propelled the inflation to 29.2 percent in November 2023.

The ECC meeting presided over by Finance Minister Dr Shamshad Akhtar also directed that strict actions should be taken against the fertiliser dealers overcharging the farmers beyond the prescribed price.

The ECC was also given a briefing on inflation by the Pakistan Bureau of Statistics (PBS), Ministry of Planning, Development and Special Initiatives by submitting key price indicators for the information.

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The meeting was informed that inflationary pressure is continuing to persist; however, it declined from its peak of 38 per cent in May 2023.

The PBS said to have informed the meeting that recent energy price adjustments have prevented downward trajectory and inflations spiked in November 2023 to 29.2 per cent. The However, inflationary expectations are lowest in almost 12 months and exchange rate stability has played an important role in it.

The ECC deferred the Ministry of Energy (Power Division) summary with respect to approval of the draft PPAA, ICA, TDA and Mediation Agreements to be signed with the K-Electric till next meeting and directed the Energy Ministry provide further information and detailed working to clarify the observations raised by ECC.

The Power Division informed the Committee that the Agreements had been prepared on the recommendations of the Task Force constituted by the Prime Minister for resolving issues between KE and various government entities. The ECC was further informed that the signing of the agreements would resolve long pending issues and regular payment will be streamlined by all the parties to avoid an addition in the circular debt.

The ECC after discussing the draft agreements in detail sought some additional information and decided that the matter will be discussed again in the next meeting once the additional information is provided.

Copyright Business Recorder, 2023