The Economic Committee of the Council of Ministers outlines challenges to price stability in its last meeting.
01 June 2022, 12:00 AM
30 June 2022, 12:00 AM
The Economic Committee of the Council of Ministers witnessed, in its last meeting, heated discussions centered on the challenges and pressures to ensure food flows and the stability of prices of the main commodities in the local market, reports Al-Rai daily quoting reliable sources.
The sources indicated that the committee discussed at least 5 major local obstacles that threaten the government’s efforts to maintain price stability.
During the committee’s meeting, Minister of Commerce and Industry Fahd Al-Shariaan expressed for the need to take a number of steps to mitigate the effects of high global prices resulting from unprecedented economic, military and political conditions at the global level, in a way that contributes to strengthening food security in the country.
The sources revealed that during the meeting, which was chaired by Deputy Prime Minister and Minister of Oil Muhammad Al-Faris, the outstanding challenges were addressed, which can be summarized as follows.
First challenge – concerns the lack of storage facilities in the country
Second challenge – speaks of the problem of free offers offered in cooperative societies was discussed
The third challenge –relates to the problem of delaying payment to merchants entitlements
Fourth challenge – is related to the time delays by continuing the documentary cycle imposed by the Food Testing Authority to examine imported goods to ensure it is safe for consumption.
Fifth challenge - There is no accurate statistics for the numbers of livestock eligible to support feed, as well as for the number of people entitled to support agricultural production.