TCP Decision On Suger Import

ISLAMABAD : The Economic Co-ordination Committee (ECC) of the Cabinet on Tuesday allowed import of 100,000 tons of sugar to meet domestic requirements of the country. The ECC meeting, presided over by Minister for Finance Shaukat Tarin, took serious notice of shortage of sugar in the Utility Stores Corporation and directed the Ministry of Industries to take stern administrative action against the culprits responsible for creating hurdles in smooth supply of sugar.

Keeping in view the export parity price, low domestic prices, cost escalating factors and future forecast of the world supply and demand, the ECC approved the intervention price for paddy crop 2009-10 at Rs 1250 per 40 kg for super basmati, Rs 1000 for basmati-385, and Rs 600 for Irri paddy. The ECC also allowed provinces transportation of imported wheat and preference for the mode of transportation will be Railways, NLC and the private transport contractors and companies.

The meeting decided that Trading Corporation of Pakistan (TCP) would establish effective co-ordination with the provinces for efficient and timely measures for transportation of the imported wheat. The decisions were taken on the recommendations of the committee formed by ECC in December 2008 with the mandate to thoroughly investigate the matter regarding transportation of wheat purchased by TCP from Karachi to other provinces.

On the issue of additional charges for transportation of imported urea from Gwadar Port, the ECC approved additional freight charges from Gwadar to Karachi from December, 22 2008 to March 2009 as Rs 798,209,950, from April 1 to August 12, Rs 713,980,518.

The ECC also allowed issuance of Government of Pakistan’s guarantee of Rs 1075 million, by the Ministry of Finance, in favour of National Bank of Pakistan for rescheduling of loan of Telephone Industries of Pakistan (TIP).

The ECC was informed that total stock of wheat as on August 23, 2009 amounted to 9.599 million tons as against 3.623 million tons in the same period last year, thereby showing a higher stock of about 5.976 million tons. The trade deficit improved by 31.09 percent to $1.15 billion in July 2009-10 from $1.66 billion in the same period last year. The foreign exchange reserves stood at $13.1 billion as on August 28, 2009 – up from $6.4 billion on November 25, 2008.

The provisional FBR tax collection stood at Rs 74.07 billion on net basis during July 2009-10 as compared to Rs 72.36 billion in the same period last year. Overseas workers’ remittances amounted to $747.2 million in July 2009-10 as against $627.2 million, showing an increase of 19.13 percent over the same period last year. Monthly core inflation rate has decreased 15.9 percent in June, 2009 to 14.0 percent in July 2009.

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TCP Decision On Suger Import was first posted on September 2, 2009 at 10:55 am.
©2009 “Pakistan News“.