The Economic Coordination Committee of the federal cabinet approved a 14% to 20% increase in prices of medicines. The committee also approved wheat procurement targets, as well as authorized to use $1.145 million in available funds to reopen the Roosevelt Hotel in New York. The ECC approved an increase in prices of medicines in two categories by 14% to 2%. It, however, allowed a one-time increase in prices to the pharmaceutical companies.

According to the Ministry of Finance, this decision was taken in view of the devaluation of the rupee against the dollar. The official price of wheat in Punjab has been fixed at Rs3,900 per maund, while the Sindh government will purchase the commodity at Rs4,000 per maund. The meeting, presided over by Finance Minister Ishaq Dar, also approved the wheat procurement targets.

The Punjab government will purchase 3.5 million metric tons of wheat at Rs3,900 per maund, while the Balochistan government will buy 1 million metric tons of wheat.The Sindh government will purchase 1.4 million metric tons of wheat at the rate of Rs4,000 per maund. The ECC also accepted the recommendations of the Ministry of Aviation to reopen the Roosevelt Hotel in New York. The available funds of $1.145 million dollars can be used to reopen the hotel owned by the PIA. The hotel’s 1,025 rooms will be rented out, and the daily rent per room will be $200. The ECC also approved provision of a technical supplementary grant of Rs450 million to the Interior Ministry.

Credit: Independent News Pakistan-INP