More

    Bangladesh Plans for Food Security; Set to Import Rice from India, Vietnam; Wheat from Russia

    AgricultureAgri-businessBangladesh Plans for Food Security; Set to Import Rice...
    - Advertisment -

    Bangladesh Plans for Food Security; Set to Import Rice from India, Vietnam; Wheat from Russia

    Officials say that the exports are to replenish reserves and cool domestic prices. The country anticipates a fall in the production of rice following floods in large parts of the delta nation in recent months.

    In a major decision to import foodgrains, Bangladesh has decided to import a total of 330,000 tonnes of rice Vietnam and India. Alongside a parallel deal is being settled with Russia for the import of 500,000 tonnes of wheat.

    The announcement came Wednesday afternoon, after a meeting of the cabinet committee on public purchases. The committee gave the in-principle go-ahead for finalising the purchases.

    Import duties on the foodgrains too have been slashed from 25 per cent to 15 per cent, again with a view to rein in rising prices.

    - Advertisement -

    Officials say that this is being done to replenish reserves and cool domestic prices. The country anticipates a fall in the production of rice following floods in large parts of the delta nation in recent months.

    The country of 165 million people is seeing food prices soar and the government, wary of the political repercussions of inflation, plans to expand the distribution of subsidized or “cut-price” rice to help people hard-hit by high costs.

    230,000 tonnes of rice will come from Vietnam. Another 100,000 tonnes of rice will be sourced from India. Officials are still negotiating the price with Vietnam because the cost of Indian rice is much less. from India is costing less.

    Besides importing rice from Vietnam and India, Bangladesh is also negotiating rice imports from neighbouring Myanmar. Relations between Bangladesh and Myanmar have been frosty over the Rohingya refugees in Bangladesh.

    Bangladesh is itself a leading producer of rice, producing about 35 million tonnes annually, all of which provides for its own population. 5 million Bangladeshis live on subsidized rice rations.

    Russian wheat in US Dollars

    The wheat will be purchased against US dollars and cost the government US$ 430 for a tonne of wheat (Bangladesh has been guarded in its use of foreign exchange ever since the Sri Lankan economic crisis).

    It has been agreed that a Russian company will handle the procurement of the wheat.

    The decision to import wheat from Russia has been a difficult one for Bangladesh, an official explained, considering a possible backlash from the US and European capitals. Russia had much earlier offered Bangladesh wheat and petrol.

    Speaking in Parliament on Wednesday, Prime Minister Sheikh Hasina said that the COVID-19 pandemic and the war between Russia and Ukraine have created fears of a negative impact on Bangladesh’s balance of payments.

    She was responding to questions from MPs. She noted COVID-19 and the war have slowed down global economic growth, disrupted the supply chain and led to a hike in the prices of fuel oil and other commodities and impacted freight charges globally.

    Besides, she said, Bangladesh’s exports too have also slowed down while incoming remittances by Bangladesh workers have declined.

    - Advertisement -

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest news

    Sri Lanka’s Elephant Corridor Plan ‘Unscientific’

    Nearly 5,000 elephants and 1,600 people have been killed in the last 15 years in clashes between elephants and humans in Sri Lanka, home to one of the largest remaining populations of Asian elephants, according to official figures.

    New Projections Show Extreme Glacier Loss Already at 2°C

    Staying close to 1.5°C on the other hand preserves at least some glacier ice in all regions, even Scandinavia, with 20-30 per cent remaining in the four most sensitive regions; and 40-45 per cent in the Himalayas and Caucuses; stressing the growing urgency of the 1.5°C temperature goal and rapid decarbonization to achieve it.

    Government Extends Interest Relief for Farmers, Reinforces KCC and MISS as Pillars of Agricultural Credit

    Through the KCC framework, farmers benefit from revolving credit facilities for up to five years. This flexible structure allows them to draw and repay funds as per their seasonal requirements without having to reapply for loans each season.

    Legal Battle Brews Over Rampant Illegal Sand Mining in Meghna River

    The massive profits coupled with a weak legal framework have drawn influential individuals with political connections into the sand mining business, making it dangerous for environmental activists and journalists to speak out.
    - Advertisement -

    Yunus Warns of ‘War-Like Situation’ Amid Political Crisis and Rising Tensions

    The high-stakes meeting brought together 20 leaders from various political parties and organisations in two separate sessions, as Yunus sought to shore up support amid reports of internal tensions within his interim government and growing external pressure.

    Vice President Calls for Direct Subsidies and Agri-Entrepreneurship at Madhya Pradesh Conclave

    He urged agro-based industries, NGOs, MPs, and MLAs to adopt villages and help build agri-entrepreneurial ecosystems.

    Must read

    Sri Lanka’s Elephant Corridor Plan ‘Unscientific’

    Nearly 5,000 elephants and 1,600 people have been killed in the last 15 years in clashes between elephants and humans in Sri Lanka, home to one of the largest remaining populations of Asian elephants, according to official figures.

    New Projections Show Extreme Glacier Loss Already at 2°C

    Staying close to 1.5°C on the other hand preserves at least some glacier ice in all regions, even Scandinavia, with 20-30 per cent remaining in the four most sensitive regions; and 40-45 per cent in the Himalayas and Caucuses; stressing the growing urgency of the 1.5°C temperature goal and rapid decarbonization to achieve it.
    - Advertisement -

    More from the sectionRELATED
    Recommended to you