Advisory Committee on Grain Stocks to release up to 7,000 tonnes of grain

The Grain Advisory Committee has decided to release up to 7,000 tons of grain, a quantity corresponding to 30% of the strategic reserves.

This was announced after the end of the meeting by the General Director of the Ministry of Agriculture, Andreas Grigoriou, who chaired the meeting on 17 August, adding that this quantity will be available until 31 August 2023. 

"The Advisory Committee has informed the Minister of Agriculture and will proceed to issue a decree which will be published today," said Grigoriou, noting that importers have an obligation to replace these stocks by the end of September and will be checked. In addition, he clarified that the disposal of the stocks will be at a replacement price, i.e. at the current market price.

Agricultural organisations had earlier requested the release of emergency stocks.

In statements to CNA ahead of the meeting, General Secretary of the Union of Cypriot Farmers (EKA) Panicos Hambas expressed concerns that grain traders are not maintaining strategic reserves for emergencies.

As provided by the Conservation of Stocks of Raw Materials for Feed and Grain for Human Use Act of 2021, which was passed on the dissolution of the Grains Commission, the possibility of maintaining stocks of raw materials of feed and grain for human consumption should be ensured and these stocks will be placed on the market with the aim of limiting the negative effects in cases of shortages or extreme supply difficulties, due to war conflicts, natural disasters, health crisis, financial problems, and other unforeseen emergency situations.

Hambas said that when the Advisory Committee finds that there are grain shortages, a decision is made to release the strategic reserves. The EKA General Secretary expressed concerns about the lack of emergency stocks for both feed and grain raw materials available in flour mills.

(Source: CNA, InBusinessNews)