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A bunch of Pakistan’s biggest companies have halted operations in the past months as they ran out of raw materials or foreign exchange, or both, compounding the troubles of an economy that’s trying to avert a debt default.
The local unit of Suzuki Motor Corp. extended the shutdown of its manufacturing plant to February 21, according to a statement to the stock exchange on Friday, saying that parts shortages are persisting.
Ghandhara Tyre & Rubber Company, which manufactures tires and tubes for automobiles, had shut its plant from February 13, saying it’s facing “immense hurdles towards importing raw materials and obtaining clearance of consignments from commercial banks.”
Those are just two out of a cluster of listed companies that includes manufacturers of fertilizers, steel and textiles that have shut their factories indefinitely or suspend operations intermittently as they grapple with a shortage in inventory or cash, or even a drop in demand.
Pakistan’s $3.19 billion in foreign currency reserves mean that the nation is unable to fund imports, stranding thousands of containers of supplies on its ports and stalling production, putting jobs at risk. Inflation that’s also increasing at the fastest rate in almost half a century is putting many goods out of the public’s reach.
Read more in an article from gCaptain.