TCP pays over Rs 2.459 billion to sugar mills

Trading Corporation of Pakistan (TCP) has paid more than Rs 2.459 billion to 22 sugar mills for the purchase of 167,871 metric tonnes of sugar.
According to TCP here on Monday, the payment for balance quantity of 26,320 tonnes of sugar will be released to the mills as soon as sugar cargo is cleared by the inspectors of TCP and documents required for release of the amount are furnished to the Corporation by the sugar mills.
TCP has contracted for the purchase of 194,191 tonnes of sugar from 26 mills on the instruction of the government for export purposes since January 2004.
The government had asked TCP to procure 200,000 tonnes of sugar to support sugar industry, which was facing financial crisis due to surplus production.
A senior official of TCP said that the Corporation was waiting for -the instructions of the government to start procurement of 200,000 tonnes of sugar.
"The Economic Co-ordination Committee (ECC) of the Cabinet has approved the procurement of additional 200,000 tonnes of sugar from mills. We are ready for the task and waiting for the instructions," the official added.