Pakistan Economic Crisis Business Chief Warns Government To Provide Money In Another Way Rising Unemployment Rising

Pakistan Economic Crisis: The Pakistani industrialist has warned the government that if it does not lift the import ban, thousands of people will be made unemployed. The Pakistani government has recently banned the importation of all essential food and medicine until a vital bailout is agreed with the International Monetary Fund (IMF). Currently, Pakistan is facing a severe shortage of foreign exchange reserves.

steel, textiles and pharmaceuticals

At present, industries like steel, textiles and pharmaceuticals barely function in Pakistan. Thousands of factories in the country are on the brink of closure, so the threat of unemployment looms. The steel industry has warned of severe supply chain disruptions due to scrap shortages. Scrap is what is melted down to make steel. Due to the decline in scrap, prices for such goods have hit record highs in recent weeks.

Small factories have already closed

Wajid Bukhari, head of Pakistan Large Scale Steel Producers Association, said that we supply products directly to the manufacturing industry, which is connected to some 45 downstream industries. This is going to be completely interrupted. He said that small factories have already closed after the stock ran out, while some large plants are about to close.

About 150 million dollars (12 billion) of goods are imported every month. The folks at Iron Industries say their operations are directly and indirectly affecting several million jobs. According to the latest data from the Central Bank, foreign exchange reserves have been reduced to just 2.9 billion dollars, enough for less than three weeks of imports.

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