ISLAMABAD, Aug 21: The Economy Monitoring Committee (EMC) on Thursday instructed the Ministry of Food, Agriculture and Livestock (Minfal) to suitably plan the utilisation and distribution of PL 480 wheat to be imported from the United States.

The meeting presided over by Minister for Finance and Privatisation Syed Naveed Qamar asked Minfal to fast track wheat import to meet domestic shortfall. The meeting also allowed Minfal to transport imported wheat from port to up north through all approved transportation means.

Minfal was asked to ensure wheat supply to Utility Stores Corporation (USC) for convenient availability of end-product (atta) to consumers during Ramazan.

The meeting also directed Ministry of Industries/USC about release of Ramazan Package of discounted prices to provide relief to the consumers on essential commodities including food items. It said that sufficient stock be ensured during the holy month.

The industries ministry informed the meeting that available stock of sugar was 1.428 million tons and there was no likelihood of shortage of the commodity in the open market.

It was advised to be in touch with market leaders in ghee industries for price stability and availability of stock to the benefit of consumers.

Minfal briefed the EMC on local urea production and projected import after signing of agreement with Saudi Arabia. It was reported that instant crop yield conditions after recent rainfall is good and overall production is likely to improve.

It was further advised to approach EAD for an additional Saudi facility to finance additional procurement of urea including 300,000 tons already approved.

An official of the National Fertiliser Corporation briefed the EMC about urea sale outlets which had been increased to 131 with 191,300 tons of capacity for storage and distribution.

The EMC directed that the first imported shipment of urea be provided to NFC for distribution to farmers and mobile sale outlets be arranged where there was no proper sales outlet facility was available.

Minfal informed the meeting that prices of basmati rice had registered downslide along with other food items which consistently were being monitored in terms of available stock position and distribution. Earlier, Minfal briefed the EMC on government subsidy being provided on DAP prices against stocks of local production and estimated import to keep the prices stable and affordable for growers. The meeting was informed that NFC had been tasked to distribute urea through their specially expanded sale outlets, besides using the USC network.

The EMC had allowed Minfal to import urea to maintain adequate stock position to cater to farmers’ demand.

It advised Minfal to complete its homework for finalising urea pricing after government approval, adding that its adequate availability be ensured.

Ministry of Petroleum/Finance/Ogra jointly briefed the EMC about the initial outcome of their negotiations with CNG stakeholders/distributors on pricing formula. The committee directed that consultation with all stakeholders be completed at the earliest and decisions announced after approval of competent forum.

The Ministry of Water and Power was directed to complete necessary homework and submit proposal for energy conservation.

The committee further directed Ministry of Petroleum to submit comprehensive proposals for conservation of petroleum products’ countrywide consumption to address the problem of enhanced oil import bill, besides fast tracking their receivables to improve budgetary position.