Govt to import 5 lakh tonnes of wheat from Russia

The government is going to import 5 lakh tonnes of wheat from Russia. The cabinet committee on economic affairs on Saturday approved a proposal in this regard to bring in the cereal grain from the Russian Federation under government to government initiative.

Of it, 2 lakh tonnes of wheat will be procured following the direct purchase method and the rest 3 lakh tonnes through open tender.

For faster import, the cabinet committee also reduced the tender submission time to 15 days from 45 days since the publication of the tender in newspapers.

Saturday, the cabinet committee on public purchase approved 14 proposals worth Tk 1,605.51 crore.

Different ministries and divisions placed the proposals at the 23rd meeting of the cabinet committee on public purchase in a meeting led by Finance Minister AHM Mustafa Kamal.

Of the Tk 1,605 crore, the government will give around Tk 1,552 crore while the rest around Tk 53 crore will come from the World Bank as loan. 

Russia are expected to set a new record this year 

Wheat exports from Russia are expected to set a new record this year, outpacing the biggest wheat exporters Canada and the US, reports the Wall Street Journal, citing the US Department of Agriculture (USDA).

According to USDA statistics, Russian exports this year would rise three percent to 23.5 million metric tons. US wheat exports are projected to fall to a 44-year low, to 21.8 million tons. Canada's exports are expected to be 20.5 million tons, down from 24.1 million the year previous.

Record harvests, a strong dollar and cheap oil are the factors which could shake up the multibillion-dollar global wheat market, reports rt.com.