Gov’t to buy 450,000 tons of rice for reserves
The South Korean government plans to buy 450,000 tons of rice to stabilize prices and manage oversupply. This includes 400,000 tons from this year’s harvest and 50,000 tons from last year. Purchases will occur from August to November for unprocessed rice and from October to December for packaged rice. The interim payment will be 30,000 won ($22) per 40-kilogram bag. The rice will be used for various purposes, including military meals, humanitarian aid, and the ASEAN+3 Emergency Rice Reserve.
The agriculture ministry said Monday the government will purchase a total of 450,000 tons of rice for its reserves to stabilize market prices and address an over supply of the grain.
Under the plan passed during a Cabinet meeting, the government will purchase 400,000 tons of rice harvested this year, along with an additional batch of 50,000 tons from the previous year, according to the Ministry of Agriculture, Food and Rural Affairs.
The government will purchase unprocessed rice from August to November and packaged rice from October to December.
The price will be determined at the end of this year, with the government providing an interim payment of 30,000 won ($22) per 40-kilogram bag.
Korea has been struggling to cope with an oversupply of rice, a key staple food for Koreans, amid a steady decline in its consumption due to changes in people’s diets and eating habits.
The purchased rice, meanwhile, will be used for various purposes, including military meals and global humanitarian projects.
The rice will also be utilized for the ASEAN+3 Emergency Rice Reserve, which is designed to safeguard food security in the event of emergencies, such as floods and droughts.
Source Link : https://www.koreatimes.co.kr/www/nation/2024/08/113_380801.html
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