NEPAL: NTC to get loan covering cost of sugar imports
Published: 09/21/2012, 2:56:07 PM
The cash-strapped National Trading Corporation Limited that had been in talks with private banks for loans to buy sugar for the festive season, will receive NPR50 million (US$583,873) from the government, according to Nepal's Himalayan Times newspaper.
The cabinet meeting Thursday decided to provide it NPR50 million to import sugar for the festive season. The country needs about 250,000 metric tonnes of sugar every year but domestic production is about 160,000 metric tonnes. The shortfall of about 90,000 metric tonnes
Sugar is managed through imports. However, the Department of Commerce and Supply Management has estimated that there will be a shortfall of about only 79,000 metric tonnes in the current fiscal year.