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Iraq says it will import wheat and rice through direct contracts
economy Since 2017-04-16 at 23:20 (Baghdad time)
Baghdad Mawazine News
Iraq's Trade Ministry said on Sunday it was negotiating direct contracts to import rice and wheat after several failures in the management of the two strategic commodities through international bidding.
Iraq is struggling to import grain for the food price support program after it has introduced a new payment system and quality standards that have led traders to desist from international bidding.
The central contracting committee is in the process of signing a deal to buy jasmine rice from the Iraqi-Vietnamese company, the ministry said in a statement, but gave no details on the quantities agreed upon.
The ministry said it was negotiating the import of wheat from several sources of the subsidized food program.
Iraq, a major global buyer of wheat and rice, told suppliers earlier this year that it would pay for its grain purchases in installments.
Traders said the Iraqi Grain Board had told them that falling oil prices and other financial factors had prompted the country to delay payments.
Iraq began implementing a subsidized food system, including flour, cooking oil, rice, sugar and infant formula, in 1991 to counter the United Nations economic sanctions.
Meanwhile, the Ministry of Commerce said on Sunday it had bought quantities of vegetable oil that had reached southern ports and would soon be distributed.
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economy Since 2017-04-16 at 23:20 (Baghdad time)
Baghdad Mawazine News
Iraq's Trade Ministry said on Sunday it was negotiating direct contracts to import rice and wheat after several failures in the management of the two strategic commodities through international bidding.
Iraq is struggling to import grain for the food price support program after it has introduced a new payment system and quality standards that have led traders to desist from international bidding.
The central contracting committee is in the process of signing a deal to buy jasmine rice from the Iraqi-Vietnamese company, the ministry said in a statement, but gave no details on the quantities agreed upon.
The ministry said it was negotiating the import of wheat from several sources of the subsidized food program.
Iraq, a major global buyer of wheat and rice, told suppliers earlier this year that it would pay for its grain purchases in installments.
Traders said the Iraqi Grain Board had told them that falling oil prices and other financial factors had prompted the country to delay payments.
Iraq began implementing a subsidized food system, including flour, cooking oil, rice, sugar and infant formula, in 1991 to counter the United Nations economic sanctions.
Meanwhile, the Ministry of Commerce said on Sunday it had bought quantities of vegetable oil that had reached southern ports and would soon be distributed.
is over
[You must be registered and logged in to see this link.]
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