The Economic Co-ordination Committee (ECC) of the Cabinet is likely to refer the case of the 'missing one million tons of fertiliser' to National Accountability Bureau (NAB). The fertiliser had been imported by a public-private body, backed by Minfal at a time when international prices were at their peak, official sources told Business Recorder here on Wednesday.
The country, as a consequence, has been deprived of $542 million foreign exchange which had been spent on the import of the fertiliser that remains unaccounted for, sources added. The Economic Survey 2007-08 had expressed reservation over an extraordinary increase in import of fertilisers at a time when its price in the international market was up by almost 50 percent.
"As against one million tons last year, Pakistan imported almost two million tons in the first ten months of current fiscal year, registering a growth of 97 percent. Why such large quantities of fertilisers were imported when its off-take within the country did not grow, compared to last year, is not clear," the Economic Survey said.
Sources said that a very strong lobby of public and private individuals was apparently involved in the fertiliser scam, but the present government is committed to make them accountable.
When a top official of the federal government was asked if any such decision had been taken by the ECC headed by Shaukat Aziz he replied that to the best of his knowledge there was no such reference. The official was of the view that the lobby which imported costly fertiliser was also getting the benefit of a subsidy.
He said that the proposed inquiry would revolve around two questions: the haste to import fertiliser when international prices were at their peak; and the destination of the missing fertiliser.
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