KARACHI, Nov 2 Federal Minister for Food and Agriculture Nazar Muhammad Gondal said on Monday that rice exporters had agreed to buy moisture free Irri-6 rice crop at the support price of about Rs600 per maund.

He was responding to the queries of the media after chairing a meeting with the office-bearers and members of the Rice Exporters Association of Pakistan (REAP).

The minister, however, said that the moisture element may slightly reduce the procurement price, but it would not be less than Rs570 to Rs585 per maund depending on the level of moisture in rice.

Regarding basmati rice, Gondal said that the demands of the exporters were genuine and he would try to arrange their meeting with the finance minister in Islamabad on Tuesday to resolve this issue.

He said that rice exporters seeking concessionary financing including export finance credit so that they can start the purchase of basmati rice from growers two months in advance at the prescribed (support price) of Rs1,250 per maund.

He said that the exporters wanted a lower mark-up rate and an extension in the time period for repayment so that they can be competitive in the international market.

The minister said that rice prices had fallen in the international market and this was the reason why the government did not enhance support price of basmati rice to Rs1,500 per maund.

He pointed out that PASSCO would start procurement of rice in Punjab from Tuesday. “Our main purpose is to protect the farmers at every cost, because if they do not get a fair price this year, they will not grow rice next year.”

The minister said that REAP had also agreed to generously fund the research and development activities to get high yielding rice varieties. —APP