Bangladesh to import another 50,000 tons of rice

20.07.2017

The decision to import the rice was taken after the recent floods which affected the crop production and reserves

The government has decided to procure another 50,000 tons of rice to improve Bangladesh’s food stock.

In a meeting on Wednesday, the Cabinet Committee approved a proposal by the Ministry of Food to procure the rice through the Dubai-based firm M/S Phoenix Global DMCC.

The decision to import rice was taken after recent floods which affected the crop production and reserves.

Additional Secretary of the Cabinet Division Mostafizur Rahman said the rice will be procured at a cost of Tk178.54 crore. The price will range from $472 to $499.80 a ton and all of the rice will be imported.

According to the Directorate of Food, the stock of Bangladesh’s staple food stood at 1,62,000 tons on July 12, which later increased to 1,77,000 tons on July 17.

The government wants to keep the stock above 180,000 tons to keep the prices stable in the local retail market.

The government already moved to import 2,50,000 tons of rice from Vietnam, and the Cabinet Committee on Public Procurement allowed the import without any tender.

After the decision, the rice import duty was cut to 10% from 28%.

Bangladesh is to import 250,000 tons of rice from Vietnam. The cost of 50,000 tons will be Tk195.5 crore at a rate $470 per ton and the remaining 200,000 tons will be bought at a total cost of Tk713.88 crore, at rate of $430 per ton.

Of the amount, a total of 47,000 tons of rice already reached Bangladesh in two shipments, while the government expects the third shipment to reach on July 22.


dhakatribune.com

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