Traders refuse to import 0.75mn tons of sugar
The Senate standing committee on Commerce also noted that industrial units had been occupied by the army causing losses to the owners and the committee criticised banks for not providing loans to industry in tribal areas and the NWFP. - File photo
ISLAMABAD: The private sector has refused to import 0.75 million tons of sugar due to inconsistent pricing policies in the country, the Senate standing committee on Commerce was informed here on Thursday.
Briefing the committee Saeed Khan, chairman Trading Corporation of Pakistan said that at the current international market rates the landed cost of sugar would be Rs80 per kg
After deduction of tax and the TCP commission it would be around Rs76 per kg, he said, and added that the government would be paying the TCP commission from its resources.
He informed the committee about his recent meeting with the private sector, which suggested that the price of sugar should be between Rs80 and Rs85 per kg. The importers expressed fears that they might be forced by the court to sell sugar below the cost price.
“They have demanded sovereign guarantees from the government that if the prices were lowered they will not be in loss,” chairman TCP told the committee.
The Senate committee on Commerce, which met at the Parliament House, was chaired by Senator Ilyas Bilour.
Senators said that the TCP has not even informed the commerce ministry and the special cabinet committee on sugar about the failure of talks with the importers.
“To hide their mismanagement the commerce ministry is now trying to blame the open market for sugar crisis,” said Senator Haroon Akhtar.
Members said that the commerce ministry has recently written a letter to the Punjab government asking it to check sugar hoarding.
“This is simply closing eyes to another crisis in the offing,” senators said.
The committee also showed serious concerns about import of substandard wheat from Ukraine and constituted a sub-committee under Senator Haji Ghulam Ali, with senators Haroon Khan, Semeen Siddiqui and Abdul Raziq as its members. It will review the report of Federal Investigation Agency (FIA) on the issue of import of wheat from Ukraine.
The committee also noted that industrial units had been occupied by the armed forces causing losses to the owners. Senator Ghulam Ali said that the Bajour Ghee Mill has been totally uprooted by the armed forces.
The storage tanks have been dismantled to make armoured plates, while its pipes are being used as road blocks and barriers, he added.
The committee criticised the banks for not providing loans to industry in tribal areas and the NWFP.
Briefing the committee Saeed Khan, chairman Trading Corporation of Pakistan said that at the current international market rates the landed cost of sugar would be Rs80 per kg
After deduction of tax and the TCP commission it would be around Rs76 per kg, he said, and added that the government would be paying the TCP commission from its resources.
He informed the committee about his recent meeting with the private sector, which suggested that the price of sugar should be between Rs80 and Rs85 per kg. The importers expressed fears that they might be forced by the court to sell sugar below the cost price.
“They have demanded sovereign guarantees from the government that if the prices were lowered they will not be in loss,” chairman TCP told the committee.
The Senate committee on Commerce, which met at the Parliament House, was chaired by Senator Ilyas Bilour.
Senators said that the TCP has not even informed the commerce ministry and the special cabinet committee on sugar about the failure of talks with the importers.
“To hide their mismanagement the commerce ministry is now trying to blame the open market for sugar crisis,” said Senator Haroon Akhtar.
Members said that the commerce ministry has recently written a letter to the Punjab government asking it to check sugar hoarding.
“This is simply closing eyes to another crisis in the offing,” senators said.
The committee also showed serious concerns about import of substandard wheat from Ukraine and constituted a sub-committee under Senator Haji Ghulam Ali, with senators Haroon Khan, Semeen Siddiqui and Abdul Raziq as its members. It will review the report of Federal Investigation Agency (FIA) on the issue of import of wheat from Ukraine.
The committee also noted that industrial units had been occupied by the armed forces causing losses to the owners. Senator Ghulam Ali said that the Bajour Ghee Mill has been totally uprooted by the armed forces.
The storage tanks have been dismantled to make armoured plates, while its pipes are being used as road blocks and barriers, he added.
The committee criticised the banks for not providing loans to industry in tribal areas and the NWFP.
HIGHLIGHTS
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Self-serving PCB
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