Pakistan mulling to barter sugar with Iran

PSMA Chairman Javed Kayani, in a letter to Federal Finance Minister Abdul Hafeez Shaikh, stated that the recently approved import of 300,000 tons urea can be procured from Iran against barter of sugar, which will save precious foreign exchange. At present, he stated, that international price of sugar can almost buy double the quantity of urea. Therefore, the government can benefit to procure 700,000 to 800,000 tons of urea in lieu of 400,000 tons of sugar. PSMA in a recently held Sugar Advisory Board meeting on March 12 made a very strong recommendation to buy further quantity of 400,000 tons in view of the current inventory of sugar. Unfortunately the process of purchase through Trading Corporation of Pakistan has not been initiated as yet, which is grossly impacting payments of sugarcane growers as well, Kayani stated. "We are facing tremendous pressure of the growers and the respective provincial governments to clear payments of sugarcane growers for the current season, which are likely to be delayed for want of disposal of surplus stocks," he added.