Prime Minister Imran Khan on Monday gave approval for Rs6billion relief package for Utility Stores Corporation (USC).

An official notification for the relief package will issue today.

The approval given to bring down the prices of essential commodities.

Sugar, which sold at a retail price of Rs75/kg in the open market will now provide at Rs68/kg at the utility stores.

In November 2019, the government decided to provide Rs6bn to the USC in a bid to provide relief to the people.

The decision taken in a meeting chaired by PM Imran on reducing the prices of essential goods.

During the meeting, the premiere had told the officials that providing relief to the people was government’s first priority.

He added that his government will try to give special relief to low-income individuals and poverty-stricken families.

Earlier, The State Bank of Pakistan (SBP) said during the first quarter of current fiscal year FY-20.

Pakistan’s economy moved progressively along the adjustment path.

However, inflation reached the highest level during the last seven years in the SBP.

The central bank in its report said Pakistan’s economic growth was unlikely to meet the target of four per cent this fiscal.

It is due to soft trends in agriculture and manufacturing production.

The State Bank also advised the government to address structural vulnerabilities to put the economy on a sustainable growth trajectory.

Performance of commodity-producing sectors would likely remain subdued, the SBP said in its report.