Islamabad: Pakistan’s top economic managers have expressed displeasure over Prime Minister’s decision to increase wheat support price fearing that it would cause surge in inflation rate.
Sources familiar with the development, disclosed Sunday that Federal Minister for Finance Abdul Hafeez Sheikh, Deputy Chairman Planning Commission Dr, Nadeem-Ul-Haq, Federal Minister for National Food Security and Research Mir Israr Ullah Zehri and Federal Secretary Finance Dr.Waqar Masood Khan have expressed their annoyance over last’s week decision of increase wheat support price by Rs100 for next year.
According to sources economic managers appraised prime minister in the meeting held on November 23 that increase in wheat support price will raise flour prices and surge in inflation. Despite reservations of economic managers, prime minister was in favour of raise in price that was why price increased by Rs100.
Sources said that economic troubleshooter were of the view that price increase would affect the general public directly and indirectly as this will increase daily use items many fold.
Top guns of the government mostly from agriculture background were in favour that wheat support price matter should not be taken in ECC as they were expecting that like previous year this time ECC will also oppose the proposal regarding increase in wheat support price that was why decision came from PM office rather ECC meeting.
In past such decisions were taken by the Economic Coordination Committee (ECC) of the cabinet but this time decision was taken in a meeting chaired by Prime minister was decided to fix Wheat Support Price for next year at Rs. 1050 per 40 KG by PASSCO. The meeting was informed that the Wheat Support Price would duly cover increased cost of production of wheat this season. It was also decided in the meeting that the import of fertilizers must be ensured during the month of December, which was the highest consumption period so far as wheat crop was concerned.
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