No cash left in Pakistan, People suffering from unemployment
<p>After Pakistan was hit by the economic crisis, its condition continues to be worst… Talking about the present situation across the country, even after containers full of essential items were stranded at the Karachi port, the country still continues to be affected by unemployment.Must Read : After Tunisha, Avneet Kaur to play Shehzaadi Mariam in Ali baba-Daastan-E-Kabul?Even after the richest businessmen of the country warned the government to lift the restriction, the government failed to lift it, and the country still continues to be economically affected.Pakistan, which is struggling with critically low dollar reserves, has imposed a ban on imports with only essential items such as food and medicines being exempt.Several industries including steel, medical, and others are currently shutdown and undergoing losses, With a monthly import bill of around $150 million, the steel industry in Pakistan, directly and indirectly, affects several million livelihoods.According to latest data </p>
03:52 PM Feb 14, 2023 IST
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mediology
After Pakistan was hit by the economic crisis, its condition continues to be worst… Talking about the present situation across the country, even after containers full of essential items were stranded at the Karachi port, the country still continues to be affected by unemployment.
Even after the richest businessmen of the country warned the government to lift the restriction, the government failed to lift it, and the country still continues to be economically affected.
Pakistan, which is struggling with critically low dollar reserves, has imposed a ban on imports with only essential items such as food and medicines being exempt.
Several industries including steel, medical, and others are currently shutdown and undergoing losses, With a monthly import bill of around $150 million, the steel industry in Pakistan, directly and indirectly, affects several million livelihoods.
According to latest data from the Reserve Bank of Pakistan, foreign exchange reserves in the cash-strapped country have gone down to just $2.9 billion, which is enough to cover less than three weeks of imports.
Apart from a severe shortage of raw materials, record levels of inflation, all-time high fuel costs and the plummeting value of the Pakistani rupee have decimated the manufacturing industries in Pakistan.
An IMF delegation left Pakistan last Friday after talks to revive an urgently-needed stalled but urgently-needed loan programme ended with no deal.
The textile and garment industry accounts for around 60 percent of Pakistan’s exports. The industry, which processes items such as towels, underwear and linen for major brands across the world, employs about 35 million Pakistanis.
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