Senate body for simplifying process

Expediting purchases from the international market when prices fall to provide benefit to the country

ISLAMABAD:

The Senate Standing Committee on Commerce has called for simplifying the public procurement procedures to expedite the purchase of commodities from the international market when prices go down to provide benefit to the country. A committee meeting, chaired by Senator Zeeshan Khanzada, discussed the working mechanism of the Trade Development Authority of Pakistan (TDAP) and the Trading Corporation of Pakistan (TCP). It recommended taking measures for enhancing the efficiency of the two organistions for economic development. The committee noted that due to the cumbersome process of getting approval from authorities during the procurement of commodities to meet local demand, prices of essential items like wheat, sugarcane and fertiliser increased gradually in the international market, which put a burden on the national exchequer. Speaking at the huddle, TCP chairman apprised the participants of the organisation’s operational activities and said that the corporation was fully government owned and was generating its own revenues. TCP’s paid-up capital stood at Rs1 billion whereas its comprehensive income after tax was recorded at Rs1.517 billion. During financial year 2021-22, the corporation earned about Rs4.469 billion and posted an after-tax profit of Rs2.565 billion, he said.

Published in The Express Tribune, November 18^th, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.