ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Saturday the government would take strict action against people involved in hoarding, whose actions drive up the cost of essential food commodities every year during the Muslim fasting month of Ramadan.
The minister made the comment while addressing the business community in Faisalabad, a major industrial hub of the country, assuring them that the national economy was moving in the right direction after undergoing a prolonged crisis.
He maintained a reduction in the policy rate, along with steps that have improved macroeconomic indicators, including an overall decrease in inflation, had benefited business owners.
Aurangzeb said all the hard work done on the economy should ultimately benefit the common citizen, adding it was important for that purpose to keep the prices of essential items from spiraling unnecessarily.
“We monitor commodity prices very closely during the ECC meetings,” he said, referring to the Economic Coordination Committee, a principal federal institution responsible for key economic decisions. “We observed a few weeks ago that domestic prices of sugar, ghee and oil were rising even as their international prices were declining.”
“In anticipation of Ramzan, we start getting into this hoarding mentality, which is most unfortunate,” he continued. “We will take very, very strict action against these elements.”
The minister warned the government would take all necessary administrative steps to “prevent the arbitrage” during the holy month.
Food prices in Pakistan often rise in Ramadan due to several factors, including increased demand and supply chain inefficiencies. However, a major issue is hoarding and speculative pricing by traders, which artificially inflates prices to maximize profits during the holy month.
Aurangzeb said this would not be tolerated, adding that sugar and other essential item prices would be strictly controlled as Ramadan approaches in the coming days.
Pakistan’s finance chief warns of crackdown on hoarding to control Ramadan food prices
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Pakistan’s finance chief warns of crackdown on hoarding to control Ramadan food prices
- Aurangzeb says prices of sugar and oil are rising domestically while their international rates are declining
- Food prices in Pakistan rise in Ramadan due to increased demand, supply chain inefficiencies and hoarding
Pakistan mulls 'Super App' for public services, document verification in major technology push
- Pakistan has been urging technology adoption in public, private sectors as it seeks to become a key tech player globally
- The country this month launched the Indus AI Week to harness technology for productivity, skills development and innovation
KARACHI: Pakistan is planning to launch a “Super App” to deliver public services and enable digital document verification, the country's information technology (IT) minister said on Sunday, amid a major push for technology adoption in public and private sectors.
Pakistan, a country of 240 million people, seeks to become a key participant in the global tech economy, amid growing interest from governments in the Global South to harness advanced technologies for productivity, skills development and innovation.
The country's information and communications technology (ICT) exports hit a record $437 million in Dec. last year, according to IT Minister Shaza Fatima Khawaja. This constituted a 23% increase month on month and a 26% increase year on year.
Pakistan's technology sector is also advancing in artificial intelligence (AI) and cloud computing, marked by the launch of Pakistan’s first sovereign AI cloud in November, designed to keep sensitive data domestic and support growth in the broader digital ecosystem.
“In developed countries, citizens can access all government services from a mobile phone,” Fatima said, announcing plans for the Super App at an event in Karachi where more than 7,000 students had gathered for an AI training entrance test as part of the ‘Indus AI Week.’
“We will strive to provide similar facilities in the coming years.”
Khawaja said the app will reduce the need for in-person visits to government offices such as the National Database and Registration Authority (NADRA) and the Higher Education Commission (HEC).
The Indus AI Week initiative, which ran from Feb. 9 till Feb. 15. was aimed at positioning Pakistan as a key future participant in the global AI revolution, according to the IT minister.
At the opening of the weeklong initiative, Prime Minister Shehbaz Sharif announced that Pakistan would invest $1 billion in AI by 2030 to modernize the South Asian nation’s digital economy.
“These initiatives aim to strengthen national AI infrastructure and make the best use of our human resource,” Khawaja said, urging young Pakistanis to become creators, inventors and innovators rather than just being the consumers of technology.
