ISLAMABAD/LAHORE:
The federal government has stepped up efforts to stabilise prices and address heavy agricultural losses caused by recent floods that have devastated millions of acres of standing crops across the country.
Chairing the second meeting of the inflation steering committee in Islamabad on Thursday, Finance Minister Muhammad Aurangzeb said controlling inflation and ensuring price stability remained among the government’s foremost priorities to provide relief to low-income households and families affected by the floods.
Senior officials from the ministries of finance, energy, petroleum, planning, national food security, the State Bank, Bureau of Statistics, and the Sustainable Development Policy Institute (SDPI) attended the meeting.
The committee, formed on the directives of PM Shehbaz Sharif, is tasked with monitoring inflationary pressures, coordinating federal-provincial policy measures and ensuring timely administrative decisions.
The meeting reviewed the entire food commodity basket and recent changes in the Sensitive Price Index (SPI). Officials briefed that while adequate wheat stocks – besides the strategic reserves – were available, initial assessments suggested the damage to rice and sugarcane crops was manageable.
The finance minister, however, stressed strict monitoring to curb artificial price hikes and called for effective action against speculation in the markets. Preparations for the coming sowing season were also discussed, with directions to ensure timely provision of seeds and inputs.
The committee instructed the NDMA, Suparco and the Bureau of Statistics to work with provincial governments to conduct accurate and timely crop damage assessments. It will reconvene next week to review progress and take further decisions aimed at stabilising prices.
Meanwhile, National Food Security Minister Rana Tanveer has initiated consultations with provincial governments over crop losses. Sources confirmed that he will meet Sindh Chief Minister Murad Ali Shah on Sunday and is also expected to hold talks with Punjab Chief Minister Maryam Nawaz, alongside the provincial chief secretary and food secretary.
The meetings will review flood and rain-induced agricultural damage, consider relief measures for farmers, and deliberate on a possible new import policy for fruits, vegetables and other commodities to avert food shortages.
The devastation has been particularly severe in Punjab, where recent floods destroyed crops on about 2.125 million acres of farmland, according to the provincial Agriculture Department sources. Major crops hit include cotton, rice, sugarcane, fodder, maize and vegetables.
Officials said 110,850 acres of cotton, 970,929 acres of rice, 186,419 acres of maize, 220,344 acres of sugarcane, 450,000 acres of fodder, and 115,260 acres of vegetables were lost in the recent floods in Punjab. (WITH INPUTS FROM APP)
