Over the last few months, various major Pakistani companies have ceased their operations due to raw materials and currency shortages, adding to the challenges faced by the struggling economy of the country.
Bloomberg reported that Suzuki Motor Corp.’s local unit extended the closure of its manufacturing plant until February 2, citing a constant shortage of parts. Ghandhara Tyre & Rubber Company, a tyre and tube manufacturer, closed its facility on February 13 due to significant obstacles in importing raw materials and getting clearance for consignments from commercial banks.
These are just two examples of many publicly traded companies, including fertiliser, steel, and textile producers, that have shut down their plants permanently or suspended production due to inventory shortages, lack of cash, or even declining demand.
Pakistan’s foreign exchange reserves, which total $3.19 billion, make it impossible for the country to pay for imports, leaving thousands of supply containers stranded at its ports, halting production, and jeopardizing jobs. The fastest inflation rate in nearly half a century is causing several things to become out of reach for the general public.
Several large companies in Pakistan have recently shut down or suspended operations due to shortages of raw materials and currency, exacerbating the economic challenges faced by the country. The closure of such businesses is expected to result in reduced economic growth and increased unemployment levels.
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