Pakistan Economic Crisis: Poor Pakistan has become ruined, factories are shutting down their work, see the state of ruin in Jinnah’s country – pakistan economic crisis factories are shutting down their work two factories close production yarn tire tube
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Flood devastation and import restrictions have been cited as reasons for the mill’s closure. This company is registered in Pakistan Stock Exchange. He has given this information to the stock exchange through a notice. The notice said, “The cotton crop has been ruined due to the flood. Apart from this, political chaos, import restrictions and falling rupee have made the situation worse. The company said that all these factors have resulted in increase in inflation. The rupee has weakened, the cost of cotton and electricity has gone up.
Tire manufacturing company closed
Economic crisis is being seen continuously in Pakistan. Political instability is being seen. Amidst all this he has to pay back a huge debt. Due to the decrease in Pakistan’s foreign exchange reserves, it is facing difficulties in importing it. Ghandhara Tire and Rubber Company Limited (GTYR), a tire and tube maker in Pakistan, has decided to temporarily stop its production from 13 February. However, on February 20, she will start it again.
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problem due to non-availability of raw material
It has been said on behalf of the company that it is constantly facing difficulties in procuring raw material from abroad. Their containers are lying at the ports. But they are not getting clearance due to non-payment. The company has said that it will monitor the situation for a few days to take a further decision. Many reports have said that the economic crisis in Pakistan will have the worst effect on the textile industry. Due to this, about 70 lakh people can become unemployed.
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