Trading Corporation of Pakistan (TCP) has secured a credit line of Rs 115 billion from six major banks to meet the procurement targets of urea and sugar for next three months.
“There will be no shortage of sugar during the forthcoming month of Ramazan in the country as corporation has a sufficient stock”, said chairman TCP Tahir Raza Naqvi while talking to media persons at corporation’s head office here Wednesday.
He said that TCP will enhance sugar supplies to Utility Stores Corporation (USC) Canteen Store Department (CSD) and provinces ahead of Ramazan. USC has sent us a request for the supply of 75,000 MT of sugar for Ramazan against its monthly quota of 50,000 MT. He said TCP has a stock of 358,000 MT of sugar and it will another 200,000 MT from sugar mills by the end of this month. TCP has paid Rs 22 billion to sugar mills, he added
Similarly, TCP has awarded contracts for the supply of 200,000 MT of imported urea out of 300,000 MT procurement target given by the Economic Coordination Committee of the Cabinet for Kharif season. About 100,000 MT of urea has reached the country, he remarked.
Naqvi said that TCP has requested the Ministry of Finance to allow the corporation to exercise “price matching mechanism” to expedite contract award process.
Replying to a question about TCP gowdowns, he said that Rs 280 million have been allocated for the repair of these godowns under a comprehensive plan to protect the stored commodities. Responding to a question about tax disputes with FBR, Naqvi said that at times, tax collectors become unreasonable. TCP is a good tax payer and every procurement and sale is documented. TCP has fulfil its tax liabilities in phases as it received payments from government departments against the supplies in tranches. He said TCP is a profit earning organisation with a sound financial health.
