Economic problems hit Pakistan’s car and motorcycle industry – WORLD
Economic problems hit the production of cars and motorcycles in PakistanISLAMABAD (AA) – Due to economic conditions in Pakistan, some companies have stopped producing cars and motorcycles.According to national media reports, Pak Suzuki Motor Company (PSMC) announced that it has also halted production of motorcycles following automobiles due to supply and production issues. The statement noted that production will resume when the right conditions are met. .PSMC also suspended vehicle production for the 3rd time since the beginning of the year. The company says new vehicles cannot be produced due to a lack of imported parts and accessories. The country’s Toyota assembler, Indus Motor Company (IMC)) has also suspended vehicle production last month Many textile, ceramics and oil companies were among those who suspended their production.– The government is trying to protect its foreign exchange reservesMany industrial companies, especially automotive companies, were forced to shut down due to a shortage of imported parts and products in Pakistan, which was trying to protect its foreign exchange reserves. Companies that cannot obtain the products they need stop their activities. Due to the lack of foreign exchange, banks cannot issue letters of guarantee to importers. This makes the import impossible.– The foreign exchange reserve of the Central Bank is 4.6 billion dollars.The Central Bank of Pakistan has a foreign exchange reserve of $4.6 billion. Experts state that the country has foreign exchange, which can cover imports for about a month. In addition to political crises, the depreciation of the rupee against the dollar and rising inflation, devastating floods last year and energy shortages have affected the country’s economy. Pakistan’s public debt is about $274 billion, which is about 80 percent of its gross domestic product (GDP). This makes the country vulnerable to economic shocks: Islamabad’s government will have to pay off about $30 billion of external debt this fiscal year.
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