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Dollar crunch to force import suspension of eatables, drinks in Pakistan

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  • Grocers association says all banks have refused to provide dollars. 
  • No shipment would be cleared that was dispatched after June 25.
  • Importers responsible for clearance of goods that have reached.

KARACHI: Owing to the non-availability of dollars, commercial importers have announced to stop the import of all eatables and drinks from June 25, The News reported Monday.

According to a statement issued by Karachi Wholesale Grocers Association Secretary Farhat Siddique, all banks have refused to provide them with dollars. 

After a thorough discussion, the association decided that importers should inform their indenters that no shipment should be dispatched after June 25. 

The importers are only responsible for the clearance of goods that have reached the port or are on the way. No shipment would be cleared that was dispatched after June 25. 

The association lamented that due to lack of foreign currency, thousands of containers are stuck at the port and they are paying fines and other charges on them.

The statement said the State Bank of Pakistan (SBP) is not providing the much-needed foreign exchange and its policies are extremely harmful to the country’s economy.

Left with barely enough foreign exchange reserves to cover one month’s imports, the coalition government is desperately trying to manage a balance of payments crisis and bring inflation under control after it hit a record of nearly 38% last month.

The dollar crunch, restrictions on imports, and delay in opening letters of credit have severely affected several sectors of the country as none of them met the growth targets set for the fiscal year 2022-23.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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