Pakistan, February 19 (ANI): South Korean companies in Pakistan are on the brink of operational shutdown, mainly because of the import restrictions and delay in the clearance of the containers stuck at the port, reported ‘Dawn’.
The non-opening of letters of credit (LCs) for imports of raw material is costing Korean companies “millions of dollars” in lost sales, said senior officials from the state-backed trade body as well as the local chamber of Korean investors.
Pakistan’s economy is facing a dollar shortage, which has resulted in official curbs on most kinds of imports. The USD 7 billion loan program with the International Monetary Fund (IMF) is still in limbo, causing a depletion in the central bank’s reserves that’s now USD 3.19bn - a level that’s not sufficient to cover the national import bill of even 20 days.- ANI