PM Imran gives approval for Rs6bn relief package for utility stores

Prime Minister Imran Khan. Photo: File 

ISLAMABAD: Prime Minister Imran Khan on Monday gave approval for a Rs6billion relief package for Utility Stores Corporation (USC) to bring down the prices of essential commodities, The News reported.

An official notification in this regard will be issued today.

Sugar, which is being sold at a retail price of Rs75/kg in the open market will now be provided at Rs68/kg at the utility stores, suggests media report.

Last year in November the government had decided to provide Rs6billion to the USC in a bid to provide relief to the people.

The decision was taken in a meeting chaired by PM Imran on reducing the prices of essential goods. During the meeting, the prime minister had told the officials that providing relief to the people was the number one priority of the government. He added that his government will try to give special relief to low-income individuals and poverty-stricken families.

'Inflation highest in seven years'

The State Bank of Pakistan on Monday said during the first quarter of current fiscal year FY-20, Pakistan's economy moved progressively along the adjustment path, but inflation reached the highest level during the last seven years.

The report further highlighted that the average headline CPI inflation reached 11.5 percent in Q1-FY-20, extending the steep upward trend persistent since the beginning of FY-19. 

Not only this level was double the inflation observed in the same quarter last year, it was also the highest level of quarterly inflation since Q4-FY-12.