Shawdesh Desk:

The financial scarcity of Bangladesh Chemical Industries Corporation has deepened because of outstanding dues of Tk 11,782 crore putting it in problem to import fertiliser.

The BCIC officials said the highest amount of Tk 8,564 crore became due as trade gap for supplying urea fertiliser in the local market at lower than import prices.

For supplying urea fertiliser in the market from the local mills, the BCIC incurred a trade gap of around 2,527 crore till the past month despite price hike of urea fertiliser by Tk 6 to Tk 22 a kilogram since August 2022.

As per its internal estimate, BCIC also has dues amounting to Tk 533 crore for marketing Di-Ammonium Phosphate fertiliser and Tk 157 crore for triple superphosphate fertiliser.

BCIC has been demanding the dues from the finance division as subsidy, but without much success due to cash crunches featured by the dollar shortage and the shortage of revenue.

Contacted, BCIC chairman Md Saidur Rahman refused to comment on the financial crisis of the entity and its difficulties in importing fertiliser.

The BCIC chairman, however, said the finance division had already been asked to solve the problems.

In January, finance division issued special bond worth around Tk 3,016 crore against the import of fertiliser.

The division made the arrangement because of shortage of fund against the backdrop of less than expected revenue generation by the national board of revenue.

Experts have already criticised the move saying that the temporary solution would create more problems in future.

The BCIC insiders said loans of Tk 3652 crore out of Tk 8933 crore taken by BCIC from four state-owned banks had become already classified due to failure in repayment within stipulated 180 days.

They fear that the remaining amount might become classified.

The demand for urea fertiliser in recent year has been estimated at 26 lakh tonnes.

Of the demand, 10.5 lakh tonnes are produced in the country’s four fertiliser plants, and the rest is imported.