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TCP directed to start cotton procurement
KARACHI-The government has asked Trading Corporation of
Pakistan (TCP) to immediately start procurement of one million
bales of cotton to stabilise prices.
According to officials and ginning sources here on Febraurary
11, 2002, the Chief Executives Secretariat in its letter of
Saturday, has asked Secretary Commerce to implement the
decision of October 2001 to procure one million bales of
cotton by TCP.
Meanwhile, TCP has asked its procurement and technical staff
to remain in position at nine centres including one in Upper
Sindh (Sukkur) and eight in Pubjab to start cotton
procurement.
According to sources, the TCP is expected to start procurement
in a day or two. “The decision has been taken in principle.
The start might take a day or two”, sources said.
TCP’s Rahimyar Khan centre was already procuring contamination
free cotton while another centre in Dera Murad Jamali,
Balochistan is busy to procure entire cotton from the area.
The Secretariat has directed TCP to implement the decision in
“letter and spirit” for immediately lifting one million bales
of cotton from ginners to stabilize cotton market and report
compliance by February 15.
It may be noted that the President General Pervez Musharraf
had directed TCP in October 2001, to procure one million bales
of cotton to ensure better prices to growers and stabilize
market.
The TCP, which started procurement of grade III cotton soon
after the decision has so far procured 120,700 bales including
4,600 bales of contamination free cotton when the prices went
beyond government’s announced prices.
Meanwhile, In a statement here Chairman Pakistan Cotton
Ginners Association (PCGA) Sheikh Muhmammad Saeed has welcomed
the decision of General Pervez Musharraf and hoped TCP will
immediately start cotton procurement.
He was of the view that this timely decision should recoup the
gap of crisis which occurred due to piling up of huge stock of
cotton bales.
This will also give incentive to growers to grow more cotton
in the coming years.
Saeed also lauded the role of Commerce Minister Razzak Dawood
to endorse the problem of growers and ginners.
He advised ginners to contact TCP offices and enter into
contracts to sell their cotton.
February 16, 2002
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Pakissan.com;
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