PM Sharif orders ‘strict legal action’ against hoarders, profiteers in Ramadan

This file photo, taken on April 1, 2022, shows Pakistan's Prime Minister Shehbaz Sharif during a news conference in Islamabad. (Photo courtesy: AFP/File)
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Updated 28 February 2023
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PM Sharif orders ‘strict legal action’ against hoarders, profiteers in Ramadan

  • PM tells center, provinces to control prices of commodities during Ramadan to provide relief to masses
  • Grocery sellers across Pakistan usually jack up prices of fruits, vegetables, and other edible items in Ramadan

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif has issued orders to take “strict legal action” against hoarders and profiteers during the holy month of Ramadan, the Prime Minister’s Office (PMO) said on Monday.

Fasting during Ramadan is one of the five pillars of Islam, where Muslims abstain from food and drink from sunrise to sunset for a month. The Islamic month is expected to begin in Pakistan from March onwards. The month is followed by the sighting of the new moon and is marked by a religious holiday and celebration called Eid-ul-Fitr.

During Ramadan, the festive season when Muslims around the world look forward to gatherings with friends and family and feasts that begin after sundown, grocery sellers across Pakistan usually jack up prices of fruits and vegetables.

Pakistan has been grappling with soaring inflation for several months now, driven mostly by the fluctuating currency rate against the US dollar and changing oil prices. Last week, inflation in Pakistan hit a 24-week high at 41.52 percent on an annual basis during the outgoing week.

According to the Pakistan Bureau of Statistics, the weekly inflation measured by Sensitive Price Indicator (SPI) recorded a rise of 2.78 percent until 23rd February, with a major increase observed in the prices of food items.

In view of the situation, the premier held a meeting on Monday to discuss the availability of essential edible items during Ramadan and take steps to ensure prices remained stable.

“Prime Minister Shehbaz Sharif has directed strict legal action against hoarders and profiteers during the month of Ramadan,” the statement said.

“A free hand has been given to the district administration and law enforcement agencies in the federation and provinces to take the strongest possible action to be taken against profiteering, hoarding, and overcharging.”

PM Sharif also directed authorities to initiate a “clean-up operation” in godowns, shops, and markets before Ramadan begins. He also told the federal government, as well as the chief ministers of Pakistan’s provinces, to control the prices of commodities so the masses are not further burdened.

“If a discrepancy is found in prices of commodities, action will be taken against the officers of the areas concerned,” the PM said during the meeting. “Whoever harasses the public, let the law take hold of them, and no leniency should be shown.”

He also said the supply of quality items should be ensured at utility stores across the country, directing authorities to set up mobile utility stores during the holy month.


Pakistan, Japan discuss boosting trade, investment and cooperation in key sectors

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Pakistan, Japan discuss boosting trade, investment and cooperation in key sectors

  • The Pakistani side highlighted various opportunities in sectors minerals and mining, agricultural and agri-food products, and IT sectors
  • The development comes as Pakistan steps up economic diplomacy to expand trade, investment ties after emerging from a financial crisis

ISLAMABAD: Pakistan and Japan have held talks on improving bilateral trade and investment and expanding cooperation in key sectors, Pakistan’s Press Information Department said on Saturday.

Both countries held the 8th Pakistan–Japan Government–Business Joint Dialogue and the Pakistan Business Forum in Tokyo on Friday, marking the first convening of the dialogue in the Japanese capital since Dec. 2018.

The dialogue was co-chaired by Prime Minister Shehbaz Sharif’s aide on commerce Rana Ihsaan Afzal Khan and Takuo Komori, Japan’s parliamentary vice-minister of economy, trade and industry, according to the PID.

The two sides exchanged views on strengthening bilateral economic relations, with a focus on improving the trade and investment environment and advancing practical cooperation.

“The Pakistani side outlined Pakistan’s economic priorities and highlighted opportunities for collaboration in sectors such as minerals and mining, agricultural and agri-food products, and information technology,” the PID said in a statement.

“The Japanese side shared perspectives on the operating environment for Japanese companies in Pakistan and discussed areas where continued engagement and follow-up could further facilitate business activity.”

Pakistan steps up economic diplomacy to expand trade ties and attract foreign capital after emerging from a prolonged financial crisis that nearly pushed it into default in mid-2023. Islamabad has since set up the Special Investment Facilitation Council (SIFC), a civil-military body designed to cut red tape and provide a one-window operation for businesses, as it navigates a long path to economic recovery under a $7 billion International Monetary Fund (IMF) program.

Pakistan and Japan established diplomatic and economic relations in 1952. Since then, Japan has been a major development partner, financing infrastructure such as roads, power plants and water systems, while extending technical assistance and yen loans.

The Pakistan–Japan Government–Business Joint Dialogue brought together senior officials and private-sector representatives from both countries, including members of the Pakistan–Japan Business Forum (PJBF) and the Japan–Pakistan Business Co-operation Committee (JPBCC).

Participants reaffirmed the importance of sustained government-to-government engagement, supported by close coordination with the private sector, to advance mutually beneficial economic cooperation between Pakistan and Japan, according to the statement.

Following the Joint Dialogue, the Pakistan Business Forum, co-organized by the Embassy of Pakistan in Tokyo and the Japan External Trade Organization (JETRO), was held in Tokyo that was attended by Japanese and Pakistani business leaders.

The Forum featured selected sectoral presentations highlighting practical cooperation between Japanese and Pakistani partners. It included a presentation by the Trade and Investment Counsellor of the Embassy of Pakistan in Tokyo on “From Trade to Investment: Building Japan–Pakistan Joint Value Chains.”

“The Forum concluded with closing remarks by Mr. Abdul Hameed, Ambassador of Pakistan to Japan, who highlighted the importance of sustained engagement, trust-building, and long-term partnership in advancing Pakistan–Japan economic cooperation,” the PID added.