0.2m tonnes of wheat to be imported in two months
FE Report | Thursday, 7 August 2008
The government has taken a major move to build a buffer stock of foodgrains in the current fiscal as it is set to import 0.2 million tonnes of wheat within the next two months, an official said.
"While 0.1 million tonnes of wheat is expected to arrive in the country within a month, the remaining 0.1 million tonnes will be imported in the second stage," director general of the directorate of food Pius Costa said Wednesday.
"We've taken a target of importing 0.8 million tonnes of wheat during the current fiscal 2008-09 for building a buffer stock of foodgrains. Procurement of the 0.2 million tonnes is the first initiative for building up of the buffer stock," he said.
The government will also procure 2.4 million tonnes of rice to build a stock for meeting the local demands in the current fiscal, officials said.
After obtaining approval of the government's purchase committee, the food and disaster management ministry signed a contract with a supplier for importing 0.1 million tonnes of wheat.
"The letter of credit to import the wheat will be opened within a day or two. This 0.1 million tonnes will arrive in the country within a month," a food ministry official said Thursday.
Besides, the food ministry today (Thursday) will place a proposal before the government's highest body on public purchase seeking permission to import the balance 0.1 million tonnes of wheat within two months, he said.
The price of 0.1 million tonnes of wheat, which will be arriving within a month, has been negotiated at US$419 per tonne while for the remaining quantity the price will be US$397 per tonne.
"The country has so far a stock of 1,200,000 tonnes of wheat. We need to augment our stock to meet the deficit of the total foodgrain demand. So we will import a total of 0.8 million tonnes of wheat from the international market," Mr. Pius Costa said.
The country has faced a massive food deficit following the recurrent disasters --flood and cyclone Sidr --in late 2007, which caused a shortfall of some 2.0 million tonnes.
After the shocks foodgrain prices in the domestic markets have increased by nearly 60 per cent over the last one year.
Officials say the country needs to import more than 2.0 million tonnes of wheat to meet the annual demand for nearly 3.5 million tonnes.
The farmers in the last fiscal produced some 1.4 million tonnes of wheat locally, officials said.
Bangladesh government has set a target to build emergency food stock of 3.2 million tonnes of rice and wheat in the current fiscal 2008-09, official sources said.
Both the private and public sectors importers imported more than 1.5 million tonnes of wheat in the last fiscal 2007-08, ended in June, Bangladesh Bank statistics showed.
"While 0.1 million tonnes of wheat is expected to arrive in the country within a month, the remaining 0.1 million tonnes will be imported in the second stage," director general of the directorate of food Pius Costa said Wednesday.
"We've taken a target of importing 0.8 million tonnes of wheat during the current fiscal 2008-09 for building a buffer stock of foodgrains. Procurement of the 0.2 million tonnes is the first initiative for building up of the buffer stock," he said.
The government will also procure 2.4 million tonnes of rice to build a stock for meeting the local demands in the current fiscal, officials said.
After obtaining approval of the government's purchase committee, the food and disaster management ministry signed a contract with a supplier for importing 0.1 million tonnes of wheat.
"The letter of credit to import the wheat will be opened within a day or two. This 0.1 million tonnes will arrive in the country within a month," a food ministry official said Thursday.
Besides, the food ministry today (Thursday) will place a proposal before the government's highest body on public purchase seeking permission to import the balance 0.1 million tonnes of wheat within two months, he said.
The price of 0.1 million tonnes of wheat, which will be arriving within a month, has been negotiated at US$419 per tonne while for the remaining quantity the price will be US$397 per tonne.
"The country has so far a stock of 1,200,000 tonnes of wheat. We need to augment our stock to meet the deficit of the total foodgrain demand. So we will import a total of 0.8 million tonnes of wheat from the international market," Mr. Pius Costa said.
The country has faced a massive food deficit following the recurrent disasters --flood and cyclone Sidr --in late 2007, which caused a shortfall of some 2.0 million tonnes.
After the shocks foodgrain prices in the domestic markets have increased by nearly 60 per cent over the last one year.
Officials say the country needs to import more than 2.0 million tonnes of wheat to meet the annual demand for nearly 3.5 million tonnes.
The farmers in the last fiscal produced some 1.4 million tonnes of wheat locally, officials said.
Bangladesh government has set a target to build emergency food stock of 3.2 million tonnes of rice and wheat in the current fiscal 2008-09, official sources said.
Both the private and public sectors importers imported more than 1.5 million tonnes of wheat in the last fiscal 2007-08, ended in June, Bangladesh Bank statistics showed.