Despite finalisation of sugar import contracts a month ago, the Trading Corporation of Pakistan (TCP) has been unable to open Letter of Credit (LC) for import of 105,000 tons of sugar because of shortage of funds. Sources told Business Recorder on Tuesday that at present the corporation is facing acute shortage of some Rs 4 to 5 billion to open LC of the last tender.
Although, the country is already facing shortage of sugar due to low production of sugarcane crop last year, the provinces seem reluctant to announce the minimum support price for the crushing season 2010-11, which according to Sugarcane Factories Act 1950 should commence from October 1.
Major portion of allotted wheat quota: Lahore, Rawalpindi flour millers asked to lift from nearby cities' godowns
KARACHI (September 15, 2010): While expressing his views in connection with the damage to the cotton crop as a result of floods, M. Yasin Siddik, Chairman APTMA Sindh-Balochistan Region said that before the floods Pakistan was expecting a bumper crop of 14 million bales compared to 12.8 million bales produced last year.
Crops over more than six million acres in 11 districts of the Punjab province have been damaged by the flood and a loss of more than Rs 87 billion has been suffered. This has been informed at a meeting chaired by the Punjab Chief Minister Shahbaz Sharif here on Tuesday to review a proposed relief package for the growers who suffered losses due to the flood.