Although there have been pronouncements that local rice producers can fulfill the demand of the local market, Hoy reports today that amid talk of price speculation and hoarding, the government must import 2.5 million quintals of rice (1 quintal = 100 lbs). Hoy’s source of information is Gilberto Luna, the president of the Dominican Federation of Retailers. The statement came at a time when President Mejia was authorizing the import of 500,000 quintals of the staple grain, in addition to the 700,000 quintals due to arrive next week. Meanwhile, the president of the Dominican Federation of Businesses, Ivan de Jesus Garcia, told reporters that hoarding is not something that businesspeople do. He said that last week a 125-lb sack of rice would cost RD$2,500 pesos, in view of the RD$100-per-week climb in costs. The rice would reach consumers at a price of RD$25 a pound. In the interior of the country, a 125-lb sack of rice costs RD$2,100 and RD$2,200 pesos, representing a 100% increase over the past few months. The Listin Diario reports that talks to reduce the price being charged by the rice cultivators failed to achieve a price of RD$7 a pound, forcing the government to authorize the import of half a million quintals. The mill owners argued that they had 1.2 million quintals in reserve and that this was sufficient to meet demand until the spring harvest began in March. The President left the meeting saying he would not permit any speculation of any product, much less one of the most important items of the family diet. Agricultural Minister Eligio Jaquez told the press that the government would receive 200,000 quintals of rice as a gift from Taiwan, and that the 700,000 quintals held in reserve would be sold to the public at RD$7 a pound.