TCP asks government to take early decision for sugar import

The Trading Corporation of Pakistan (TCP) has demanded of the government that it should take an immediate decision for import of second installment of 0.1 million tonnes of sugar saying delay can worsen supply situation during the holy month of Ramazan, it was learnt here.
Talking to Business Recorder an official said "We have sought direction from the federal government for issuance of second tender for import of 0.1 million tonnes sugar as the second installment could improve supply situation and stabilise rates in the open market ".
The official said the TCP in its written demand inform the government that it needs 20 days for processing of international tender and shipment will take over one month time. It said to ensure landing of shipment at Karachi port before the holy month of Ramazan the TCP was required to issue tender at least by the first week of August.
The official said the TCP will issue the second tender as soon as it gets approval from the authorities.
The Economic Co-ordination Committee (ECC) of the Cabinet is an appropriate forum to decide the import of any commodity to plug the gap in demand and supply. It''s probably meeting some time next week to take-up several issues and sugar import is believed to be one of its agenda items.
The TCP cautioned the government that sugar rates in the international market were on the rise and delay in issuance of the tender will cost the national exchequer heavily.
It may be noted that the TCP had completed the process for the first shipment of 0.1 million last week and placed it order to a UAE based firm for 366 dollar a ton.
The TCP has also sought guideline from the government to dispose- of buffer stocks on the eve of the holy month of Ramazan.
According to the official, TCP''s buffer stocks as on July 15, were 0.325 million tonnes and it can be released to pull down the sugar prices in the open market.
The market experts are of the view that release of buffer stocks in small lots can improve the market situation and bring down the rates of sugar considerably.