Advisory committee approves 0.6m tonnes rice import

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FE Report
The government Tuesday approved the import of nearly 0.6 million tonnes of rice to meet the domestic demand for the same.
The advisory committee on public purchase at a meeting Tuesday approved the import of 0.50 million tonnes of rice from India and remaining from other foreign and local sources.
"Half a million tonnes of rice will be imported from India under a government-to-government arrangement. And another 67,000 tonnes will be purchased from external sources through tenders," finance adviser and also chairman of the purchase committee Mirza Azizul Islam told reporters Tuesday.
The Indian rice will arrive in the country within 75 days, sources in the food ministry said.
"The first consignment from India will arrive here this month. This will have an immediate impact on the supply situation. I am sure it will help bring down the prices in the local market," food secretary Ayub Miah told the FE.
Following serious damage caused to crops by the devastating cyclone Sidr, India promised that it would supply 0.5 million tonnes rice to Bangladesh setting aside its export ban on the staple food.
The officials of the two countries have settled the price of rice at an average cost of $399 a tonne after two rounds of talks in India.
A total of 0.5 million tonnes of rice worth $199.5 million will be transported to the country through sea, river, road and railway routes.
Of the total quantity, 125,000 tonnes at a price of $414 per tonne will be shipped by sea while another 125,000 tonnes at $ 400 per tonne by river way, 125,000 tonnes at $ 388 per tonne by road and the remaining 125,000 tonnes at $ 394 per tonne by railway.
Bangladeshi officials have been staying in India since February 3 and they will sign the 0.5 million tonnes rice purchase deal with their Indian counterpart as soon as it gets approval from the advisory committee, sources in the food ministry said.
UNB adds: Clarifying the transportation arrangements, the Finance Advisor, who chaired the purchase-committee meeting, told reporters that in order to save time, four modes of transportation were chosen for quick import.
As part of the steps for cooling the overheated market, the purchase committee also approved two other proposals for rice import through international and local tenders.