Pakistan’s economy is on the brink of collapse’: Financial Times

Pakistani economy sinking
A Pakistani Naval personnel stands guard beside a ship carrying containers during the opening of a trade project in Gwadar port, some 700 kms west of Karachi on November 13, 2016. - Pakistan's Prime Minister Nawaz Sharif on November 13 opened a trade route linking the southwestern post of Gwadar to the Chinese city of Kashgar as part of a joint multi-billion-dollar project to jumpstart economic growth in the South Asian country. (Photo: Aamir Qureshi/ AFP)

The leading British daily leading newspaper the Financial Times analysts have written about the economy of Pakistan and that there are fears of the Pakistani economy sinking.

According to the Financial Times, Pakistan’s power outages and a severe shortage of foreign exchange have made it difficult to conduct business as officials scramble to avert a deepening crisis and revive the IMF program.

The report further mentions that containers full of imported goods are piling up at Pakistan’s ports as exporters are unable to make payments due to inability to get dollars. Further, various factories, including textiles, are closing due to shortage of raw materials and energy problems.Planning Minister Ahsan Iqbal told the Financial Times that the country had “drastically” reduced imports in an attempt to conserve foreign currency.


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