TCP’s Rs4bn sugar subsidy lapses: officials

FAZAL SHER

ISLAMABAD: The Trading Corporation of Pakistan (TCP) has not utilised the budgeted Rs4 billion subsidy in the current fiscal year 2011-2012 for sugar import, officials told Business Recorder on Wednesday.

“In order to avoid any shortage of sugar in the local market, the government announced a Rs4 billion subsidy for import in the budget 2011-12 but due to non-utilisation of the subsidy, the amount has lapsed,” sources said.

Sources said that because of the availability of sufficient TCP sugar stocks, the commodity was not imported during the current fiscal year.  “TCP imports various commodities on the directives of the Economic Coordination Committee (ECC) (of the cabinet) and then sells it in the domestic market at the price fixed by the government. On the basis of price differential, the Corporation sends demand of subsidy to the government,” sources added.