ISLAMABAD: The Senate Standing Committee on Finance directed the Ministry of Finance to devise a policy to regulate the prices of essential commodities.

The committee said that the prices of essential commodities were being increased on a daily basis, and a mechanism was needed to check them.

The committee also unanimously adopted the recommendations of Sub-Committee on Mismanagement in the Competition Commission of Pakistan.

It was recommended that suggestions should be taken on “The Regulation of Foreign Contribution Bill 2012” moved by Senator Tariq Azeem from all stakeholders, including Ministry of Law, Security and Exchange Commission of Pakistan (SECP), Ministry of Finance and Economic Affairs Division.

The committee also recommended that the funds of Non- Government Organizations (NGO) should be allocated as 20 per cent for administrative expenses and 80 per cent as operating expenses.

The committee directed to ensure the implementation of a finance policy for economic growth, which will help in the reduction of unemployment.

The Finance Ministry informed the committee that the one year average inflation was 10.8 but during the last seven months it was 10.1 per cent due to a reduction in interest rates.

The ministry also informed the meeting that the government was expecting a positive development which would help to maintain the deficit in the range of 4.7 per cent.