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Sugar procurement: TCP invites PSMA to work out
modalities
ISLAMABAD (April 09 2004): Trading Corporation of
Pakistan (TCP) has invited Pakistan Sugar Mills
Association (PSMA) to work out modalities for
procurement of 0.2 million tonnes sugar as per
Economic Co-ordination Committee (ECC) decision in
Karachi on Friday.
PSMA Punjab Zone Javed Kayani told Business
Recorder that his fellow member of the association
would discuss ways and means with TCP Chairman
Syed Masood Alam Rizvi so that early buying of
commodity could be ensured and also the payments
to the growers for their produce.
Kayani said the PSMA would honour its commitment
that payments to the growers are made by all the
mills which sell commodity to the TCP within
stipulated period.
TCP has already completed procurement of first
instalment of 0.2 million tonnes sugar through
open tenders. With the second instalment of the
same quantity TCP stocks will go up to 0.4 million
tonnes.
The corporation has been directed by the
government to keep the commodity as buffer stocks
to meet domestic requirement if any shortfall
occurs in production in the coming years.
In its last meeting, the ECC had approved picking
up of another 0.2 million tonnes sugar from the
mill owners and decided that the TCP would be
assigned the job of procurement of the commodity.
The sole purpose of the move is timely payment to
the growers and help the mill owners come out of
crisis like situation. The ECC had set a deadline
of May 15, for the mill owners for payments to the
growers of their produce.
Courtesy Business Recorder
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Pakissan.com; Advisory Point
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