Pakistan Sugar Mills Association (PSMA) has urged the government to speed up process of sugar buying through the Trading Corporation of Pakistan (TCP) in order to start crushing of sugarcane season on time. Working under the Ministry of commerce, Trading Co-operation has floated a tender last week for buying 0.2 million ton sugar.
The crushing season of the sugarcane would be started the moment TCP approves the tender, PSMA Chairman Javed Kayani said in a statement issued here on Wednesday. Kayani said that it would enhance the liquidity of sugar mills which would enable millers to make prompt payments to sugarcane growers during the next crushing season. He said that the sugarcane production is expected to be around 54 million tons and production of sugar is forecast to be around refined five million tons.
He said that it would be a record production of sugar in the history of the country. During the last six weeks, sugar prices have fallen from Rs 10 to Rs 12 per kg that proves the sugar stocks are more than demand. Last month, PSMA had made it clear that there is no need to import sugar and prices will remain stable in the coming season as well, he said. Kayani said that the decision of the Ministry of Industries to buy sugar through the Trading Corporation would benefit the farmers who would be ultimate beneficiaries of this decision and get prompt payments against their corp. PSMA chairman said that arrangements to start crushing sugarcane are being finalised and hoped there would be no delays in acceptance and award of tender.
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