Govt approves mega purchase plan for TCB

NEWS DESK

The government has approved a mega purchase plan for Trading Corporation of Bangladesh (TCB) aiming to supply essential commodities to the people at affordable prices and help stabilise the market during the pandemic.

An inter-ministerial committee has approved the plan for the state-run agency to supply a total of 182,500 tonnes of kitchen products, around 59 per cent up than that of the current fiscal year.

"Many players will try to play foul amid the coronavirus pandemic. That's why we have approved the plan," a senior official of the commerce ministry told the FT.

TCB is the market intervening agency and the government cools the market down by supplying staple goods at affordable prices through open market sale (OMS).

If the COVID-19 pandemic lingers, he said, some players may destabilise the market. "So, large business procurement will help foil such moves."

This time eight key essential commodities including two new products--garlic and ginger--will be bought from local and international markets.

Some 1,000 tonnes of ginger and garlic each will be supplied during two biggest festivals--Eid-ul-Fitr and Eid-ul-Azha.

Lentil is on the top of the chart as the government wants to supply 40,000 tonnes, up by 540 per cent than that of the current fiscal year.

It wants to supply 60,000 tonnes of soyabean, up by 33 per cent, and 30,000 tonnes of onion, up by 20 per cent, 40,000 tonnes of sugar, up by 33 per cent and 10,000 tonnes of gram, up by 25 per cent.

The government has planned to procure 500 tonnes of date for next FY.

It has set target to buy 30,000 tonnes of sugar, 45,000 tonnes of soybean oil (pet bottle), and 25,000 tonnes of onion, 6250 tonnes of lentils, 8,000 tonnes of gram and 500 tonnes of date for the current FY.

While talking to the FE, commerce secretary Dr Md Jafar Uddin said: "We purchase key essential items for TCB in order to curb unfair means or artificial crisis of such goods in the market. It is a market intervention instrument from the government side".

He, however, said the government has taken the mega procurement plan mainly to ensure fair prices of such essential items for the people especially limited income group of people.

Essential items will be sold through TCB across the country all the year round.

TCB chairman Brigadier General Md Hasan Jahangir could not be contacted despite frequent attempts over phone for his comment in this regard.

Shah Md. Abu Raihan Alberuni, member of Bangladesh Trade and Tariff commission (BTTC), said: "BTTC is assessing the market demand, import price and other pertaining matters to help the government update about the commodity market".

He said there is an adequate stock of key commodities in the country. The market still remains stable amid the pandemic, he added.

Currently, TCB is selling essential commodities to the common consumers at subsidised prices in different parts of the country through trucks and dealers.

The commerce ministry has already taken multiple measures across the country so that commoners get essential goods hassle-free during Ramadan and also the current pandemic.

Commerce minister Tipu Munshi at a press briefing earlier said the stock of essentials is now ten times higher than that of the previous year.