Pakistan Economic Crisis: Pakistan’s shipping agents have warned the government that all export cargo may come to a halt, as foreign shipping lines are considering suspending their services to the country. This is because banks have stopped paying freight charges to them due to lack of availability of dollars.
Serious problems can arise…
Dawn news quoted Abdul Rauf, president of the Pakistan Ship Agents Association (PSAA), as saying that apart from bordering countries, almost all international logistics from Pakistan is handled by sea and any disruption could cause serious problems for the country’s international trade. Could.
In such a situation, the economic situation will worsen – Association
The association warned, “If international trade is stopped, the economic situation will worsen.” Rauf requested the relevant ministries and departments to intervene to ensure continuity of Pakistan’s maritime trade by allowing outward remittance of excess freight amount to concerned foreign shipping lines.
Pakistan’s maritime trade was hindered
“Due to the closure of outward remittance of surplus cargo amount to the concerned foreign shipping lines, the maritime trade of Pakistan which is heavily dependent on foreign shipping lines was being hampered,” the letter said. Dawn pointed out that however, the crisis is related to export cargo as all outward trade from Pakistan is container based, as there is no liquid or grain export from the country.
The state-owned Pakistan National Shipping Company (PNSC) only handles the import of crude oil and other petroleum fuels through its 12 ships. Pakistan’s annual freight bill is around $5 billion and foreign companies receive fees mainly in ‘greenback’ international currencies.
