pakistan imposes onion export restrictions to tackle soaring prices
Published on: December 18, 2023.
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ISLAMABAD: The caretaker federal government of Pakistan has taken a proactive step to control the surging onion prices. A local news channel reported on Sunday that the government has decided to impose restrictions on onion exports. This move aims to prevent an anticipated shortage of onions in the country and curb further escalation in onion prices.
To achieve this, the government has introduced measures that include the imposition of advance payments to discourage onion exports and the establishment of a minimum export price for onions.
The decision comes at a crucial time when Pakistan is facing an increase in short-term inflation. In fact, inflation has soared to 43.16% in the week ending December 14. The rising prices of pulses, rice, and vegetables have primarily contributed to this inflationary pressure.
The government’s move to restrict onion exports is part of its efforts to address the economic challenges posed by inflation. By stabilizing domestic prices and ensuring an adequate supply of this essential commodity, these measures are expected to bring relief to consumers and contribute to managing overall inflation levels in the country.
In addition to restricting onion exports, the government has implemented various measures to address inflation in other sectors. This includes setting a minimum export price and imposing advance payments. These actions demonstrate the government’s commitment to maintaining economic stability and safeguarding the interests of the public amidst the current economic challenges.
Source: Source
