Bid deadline cut to speed up 4 lakh tonnes of rice import

The government has shortened the tender submission period for importing 4 lakh tonnes of rice, according to a decision of the Cabinet Committee on Economic Affairs today.

The move is intended to build up public food stocks and contain the price of the staple in the local market

"Instead of the standard 42 days stated in the public procurement rules, bidders will now have 15 days to submit their offers," said a ministry official on condition of anonymity.

The countdown begins from the date the international open tender is advertised in newspapers. The rule had been relaxed only for this consignment and as part of an urgent effort to increase domestic availability, he added.

The government recently decided to import 4 lakh tonnes of rice to tackle the ongoing price hike and build up reserves in advance so that it can intervene in the market in case of volatility caused by natural disasters.

Food Adviser Ali Imam Majumder said, "Last year, when the floods occurred, the government was unable to make adequate preparations. So, we have initiated the process of advance procurement to buy rice through international tenders."

In 2024, Bangladesh endured repeated flooding, especially in August and September, which damaged Aus and Aman crops and drove up rice prices.

The production estimate by the Bangladesh Bureau of Statistics, released later, indicates that production of rice from both seasons declined.

For the current fiscal year, the interim government has set a target to import 9 lakh tonnes of rice, up from 8.35 lakh tonnes brought in during the previous year.

Majumder also said that while the country's current food reserves are satisfactory, the government is taking precautionary steps to ensure food security in the event of possible flooding.

As of today, total grain reserves, comprising rice, paddy, and wheat, stood at 21.43 lakh tonnes, of which rice accounted for 18.93 lakh tonnes, according to food ministry data.

During the last fiscal year, the government and private sector together imported 76.72 lakh tonnes of rice and wheat, official data show.

Meanwhile, the initiative has also been taken to support the government's increased food distribution target of 36.6 lakh tonnes for the current fiscal year.