Commodities importers seek debt relief | Daily News

Commodities importers seek debt relief

The Essential Food and Commodities Importers and Trader’s Association has asked the government to provide interim relief measures to ensure an uninterrupted supply of essential food commodities.

In a letter, the Association said it commands 85 percent share of the import of essential foods and other commodities. However they are currently experiencing an ‘unprecedented situation where the existing debt has risen due to the security situation.’

In order to remedy the situation, the association has asked that a rescheduling of the existing debt (loans), moratorium on capital and interest on all existing debt for one year and concessionary terms on working capital to meet import and distribution costs.

“Any further tolerance of the burden in which we are currently placed may not be possible, as on one hand our obligation by the State to meet the essential food demand in the country is affected while our own exposure to the issues confronting us financially threatens our own existence,” the letter says. The Association says that the business depends on import and distribution of items such as rice, sugar, dhal, onion, potato, pulses, garlic, milk powder, canned fish, chilli and dried fish are most impacted.


 

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