Federal Minister for Finance and Revenue, Miftah Ismail here on Thursday directed for expediting the process of importing edible oil from Malaysia and Indonesia to ensure smooth supply of the commodity to the consumers and stabilize its price.
The minister was presiding over a meeting of the Committee on edible oil availability, at Finance Division, according to press statement issued by the finance ministry.
The minister also directed for taking required measures to enhance the local production, so that impact of edible oil imports on foreign exchange reserves could be minimized.
Among others, the meeting was attended by Federal Minister for Industries and Production, Syed Murtaza Mahmud, Federal Minister for Federal Education and Professional Training, Rana Tanveer Hussain, Secretary Ministry of Industries & Production, Chairman Federal Board of Revenue (FBR) and senior officers.
The committee was apprised that sufficient stock of edible oil was available in the country, however the proposals for the future requirements and import of edible oil for bridging the supply-demand gap were also discussed.
Moreover, the impact of importing edible oil on foreign exchange reserves was also highlighted during the meeting.
It was informed that the price of edible oil was rising globally which would have significant impact on the trade bill of Pakistan.
Rana Tanveer Hussain also gave workable option to enhance local production of Canola oil seeds for import substitution and to ensure availability of the commodity in the wake of global pressure on supply chain.
