Pakistan Economy Crisis Abdul Rauf Written A Letter To Finance Minister That Foreign Shipping Export May Stop Bank Stop To Give Money | Pakistan Economic Crisis: Strict warning of foreign shipping agents to Pakistan, said
Pakistan Economic Crisis: At present, the economic condition of Pakistan is in a bad condition. People are facing all kinds of problems. The government there is also continuously seeking help from the neighboring countries to overcome the economic crisis. If we look at the current economic condition of Pakistan, all kinds of basic things have become very expensive there. A day earlier, the government has reduced the price of electricity to Rs 43 per unit.
Many problems are coming together on Pakistan. Due to the economic crisis, the shipping agents of Pakistan have warned the government. The agents said that they are thinking of stopping the shipping service. He said that due to the shortage of dollars in the banks, they are not giving the money to carry the goods.
PSA President gave information
According to media reports, Abdul Rauf, President of Pakistan Ship Agents Association (PSA), wrote a letter to the country’s Finance Minister and warned about the current situation. Writing a letter, he said that apart from the neighboring countries of Pakistan, the goods of other countries come to Pakistan only through the sea. If there is any kind of problem or problem in it, then it can create very serious problems for the country. However, the crisis pertains to export cargo as all outward trade from Pakistan is container-based, as there are no liquid or grain exports from the country.
Pakistan’s foreign exchange reserves
The Pakistan National Shipping Company (PNSC) only handles the import of crude oil and other petroleum fuels through its 12 ships. Pakistan’s foreign exchange reserves had declined sharply in recent weeks to over US$4 billion, sparking fears that the country could default and prompting the State Bank of Pakistan (SBP) to enforce tighter controls on foreign payments. Motivating for.
Meanwhile, the Petroleum Division has warned the central bank that stocks of petroleum products may dry up as banks are refusing to open and confirm Letters of Credit (LCs) for imports. Like other sectors, the oil industry in Pakistan is facing hurdles in opening LCs.
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