ISLAMABAD, Shipping agents have warned cash-strapped Pakistani government warns that any exports may be stopped as foreign shipping lines Are you thinking of stopping your services for According to media reports, the nation was affected when banks stopped paying freight fees to them because they didn’t have enough dollars.
Except for the bordering countries of Pakistan, most international logistics are done by sea. Any disruption could cause serious problems for The country’s international trade Pakistan Ship’s Agents Association Abdul Rauf, chairman of the (PSAA), warned Ishaq Dar, finance minister, in a letter.
“If the international trade is stopped the economic situation will worsen,” The association also warned that foreigners could be harmed. shipping lines Are you already thinking about selling your business? services Due to lower cargo volumes, Pakistan is now more affordable.
According to Dawn, the PSAA chairman wrote letters to Jamel Ahmed (SBP governor), Syed Naveed Namar (commerce minister) and Faisal Sabzii (marine affairs minister).
Rauf asked all ministries and department concerned to assist in ensuring continuity of Pakistan’s seaborne commerce by permitting outward remittances of excess freight amounts to the respective foreign countries. shipping lines forthwith.
“Due to discontinuation of outward remittance of surplus freight amounts to respective foreign shipping lines, was hampering Pakistan’s seaborne trade which is heavily dependent on foreign shipping lines,” The letter was added.
Rehman Mlik has worked as an agent for over 40 years and is a member at large of the All Pakistan Customs Agents Association. He said that there was never been a better time in his career.
“We have thousands of shipping containers held up at the Karachi Port because of payment guarantees and most of them have essential items like medicines, raw materials diagnostic equipment, chemicals and food items,” He stated.
“You can understand how all this must be hurting our manufacturing industries,” He stated.
Maqbool Malik is the chairman of the customs organization. He stated that thousands of containers had been left stranded due to a lack of dollars.
The problem is related to Pakistan’s export cargoes. All outbound trade from Pakistan, which has no liquid or grain exports, is container-based.
The Pakistan National Shipping Company (PNSC), a government-owned shipping company, only imports crude oil. It has 12 vessels.
Analysts think the reserves are sufficient for Imports for one month
Pakistan’s annual freight bill is approximately $5 billion. Foreign companies pay the charges in foreign currencies, mainly because they are the largest. “greenback”.
Ship agents pointed out that the ship agent’s current situation means the shipping Sector was already in distress from economic downturns. Any further delay in paying their dues to the legitimate authorities will result in Pakistan losing its external trade.
Talking to the newspaper however, Muhammad Rajpar, ex-chairman of PSAA, stated that Pakistan is not in imminent economic collapse and therefore, the government has plenty of time to find a solution to this crisis.
“We can always have innovative ideas to get out of difficult times, one of them is hedging of dollars and setting installments for the payments to the shipping companies,” Rajpar said.
Fear has caused Pakistan to lose its foreign currency reserves, which have dropped rapidly to $4 billion. may Invoking the SBP for strict oversight of foreign payments and default.
The Petroleum Division warned the central banking that there were too many petroleum products in stock. may Banks are refusing letters of credit (LCs), which could cause financial hardship, and they have stopped opening or confirming them. for imports.
The Express Tribune reports that the US dollar shortage in Pakistan and the restrictions imposed by the SBP are causing difficulties for the country’s oil sector to open LCs.