Dhaka, Dec 18 (UNB) - Finance Minister AMA Muhith has suspended the Cabinet purchase body’s approval given through a circulation to import 200,000 metric tonnes of urea fertiliser at ‘higher prices’.

According to official sources, the postponement of the approval came following a press report that the Industries Ministry is importing the bulk amount of fertiliser at a much higher rate although the fertiliser price is falling on the international market.

Usually, any import proposal needs approval from the Cabinet Purchase body headed by the Finance Minister. But sometimes, without calling any meeting, the Finance Minister gives consent to any purchase proposal through ‘circulation’ considering the emergency need of the matter.

This time, the Industries Ministry sent the proposal terming it an emergency one showing that the bidder’s bid validity will expire on December 15. Under the circumstances, the Finance Minister gave his approval to the purchase proposal on December 13.

But a local daily reported that if the Industries Ministry’s proposal gets approval, the government will incur huge financial losses as the bidders’ quoted prices are much higher than that of the international market. Now the fertiliser prices on the international market are falling.

Following the report, the Finance Minister today (Sunday) called back the relevant file and suspended his previous approval.

As per the proposal, four separate suppliers were supposed to supply 100,000 metric tonnes of urea through Mongla Port at US$ 561.50 per metric tonne.

Another 100,000 metric tonnes were supposed to come through Chittagong Port at US$ 571.80 per metric tonne.