Passco owes Rs58b to banks and DFIs

Published: April 15, 2011


LAHORE - Pakistan Agricultural Storage and Services Corporation owes a total amount of Rs 58 billion, including the markup of Rs2.2 billion, to different banks and DFIs against the procurement made during last several years. However, the Corporation has wheat and rice quantity equal to that amount at its godowns.
Pasco MD Sohail Shafqat said that the Corporation had already sold out rice procured during 2009-10 while some 40,000 tons of rice from the crop 2008-09 was still in its stores, which would also be disposed off soon.
He said that the Corporation had to face Rs 10,000
on average loss against each tons of rice sold by it due to gap between the procurement price and the selling price. He said that Gilgit-Baltistan had to pay an amount of Rs 7.5 billion which was pending for a long time.
He said that PASSCO is all set to launch ‘wheat procurement drive 2011’ from fourth week of the current month. The Corporation has been allocated a target of procurement of 1.3 million tons of wheat out of the over all national wheat procurement target of 6.5 million tons set by the Ministry of Food and Agriculture (Minfa). While briefing the members of the Agriculture Journalists Association, Lahore here on Thursday the MD said that the Corporation has divided its allocated target as 1.26 million tons from Punjab and 40,000 million tons procurement from Sindh. He said that procurement in Balochistan will be made subject to demand and provision of funds on the part of the respective provincial food department. The corporation has already established its Zonal office at Dera Allah Yar having 14 purchase centers in Nasirabad, Jafarabad and Jhal Magzi districts.
Hafizabad, Pindi Bhattian, Gojra, Okara (including Renala), Pakpattan, Burewala, Mailsi, Mian Channu, Lodhran, Kehror Pacca, Bahawalnagar, Minchanabad, Alipur (including Jatoi), Khanpur and Layyah are 15 tehsils where the Corporation would be at work for procurement while three Tehsils of Sindh include Sobo Dero, Kandiaro and Sakrand