Pakistan’s foreign exchange reserves are low, and the Financial Times predicts economic collapse.
Foreign currency shortages could force businesses to close.
The government wants the IMF program back to end the economic crisis.
According to the British Journal, Pakistan is at a crossroads and risks economic collapse.
The Association of International Companies and Airlines says Pakistan is withholding the most industry money.
The group warns that Pakistan has kept foreign airline dollars.
According to report, hundreds of containers of imported goods are stuck at ports because buyers lack dollars.
Officials say textile factories are closing to conserve energy and resources.
Saqib Shirani of Islamabad’s Macroeconomic Insights said many industries have closed and may lose money if they don’t restart.
Pakistan’s foreign reserves are below $5 billion, not enough to cover a month’s imports.
Pakistan can roll over one or two billion dollars, but this situation is unsolvable.
Because banks won’t open importers’ letters of credit (LCs), the steel industry has threatened to stop making things.
Pakistan is still recovering from last year’s $30 billion floods.
International lenders pledged over $9 billion to help Pakistan’s economy.
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