Business

Pakistan may face shortage of x-ray films, warns importer

Published

2 years ago

Farwa

Forex crisis worsens in Pakistan.
X-ray films importer says banks not opening LCs.
Industry has only 20-30 days of stock x-ray films.

KARACHI: A healthcare crisis may take ground in Pakistan as commercial banks are unable to open the letters of credit (LCs) for the import of x-ray films in future — which are used on a daily basis for nearly every medical diagnosis — The News reported on Thursday, quoting an industry insider.

Limited stock of the remaining films strengthens the assumption of a healthcare crisis looming in the near future as these are used for computed tomography (CT) and magnetic resonance imaging (MRI) scans, according to an official from Fujifilm Pakistan, a major supplier of medical x-ray films in the country

“The industry has only 20-30 days of stocks and after that, hospitals will run short of films and diagnoses will be impossible then,” he said.

“Around a month’s stock was stuck at the ports or high seas, which should be cleared at the earliest,” he added.

The official also explained that “medical x-ray films have a yearly import requirement of $20 million or $1.6 million in a month, and urged the government to take measures before the situation gets worst.”

He further mentioned: “Govt hospitals are now asking for the supply of stocks. Our suppliers are ready with the stocks but waiting for LCs to ship the orders.”

While expressing his serious concern over the possible shortages, he said “the situation could lead to smuggling that would rob the government of taxes.”

“The government is losing revenue of approximately $550,000 per month,” he was quoted as saying.

The source maintained that a “minimum of $1 million in LCs was required every month to keep the hospitals running.”

X-ray films are used in pinpointing physical injuries among other important diagnoses and such as bone fractures, and chest x-rays for pneumonia or COVID. In operation theatres, the films are used to determine the scope of an operation.

The estimated size of the x-ray market is around 3,500,000 square meters, which translates to almost 100,000 exposures in a day in hospitals across the country.

There are approximately 7,500 govt and private hospitals and clinics in Pakistan, and the entire requirement of medical x-ray films is imported from Europe, Japan, the USA, and China.

The current economic condition of Pakistan, marred by drying foreign reserves, forced banks to be selective in opening LCs even for sectors such as healthcare.

Business

The amount of trade between Saudi Arabia and Pakistan hits $700 million.

Published

22 hours ago

Farwa

Through the Special Investment Facilitation Council (SIFC), Pakistan’s trade connections with Saudi Arabia have grown significantly, with bilateral trade volume rising from $546 million to $700 million and exports to the Kingdom growing by 22%.

As bilateral economic cooperation continues to grow, Saudi investors have shown a strong interest in Pakistan’s construction, energy, agricultural, and information technology sectors. The objective for exporting IT services between the two countries has been raised from $50 million to $100 million.

Saudi Arabia has set up a help desk dedicated to making it easier for Pakistani IT companies to register in the Kingdom in order to expedite commercial procedures. The goal of this program is to speed up economic collaborations between the two countries and lower administrative barriers.

The well-known Saudi restaurant chain AlBaik has revealed plans to open locations in Pakistan, which is a big step for the food service industry and should lead to the creation of new job possibilities in the area.

Officials have noted that stronger business links between the two countries lead to greater economic stability, and the SIFC has played a crucial role in promoting these trade advancements. For bilateral trade and investment projects, the Council remains a crucial facilitator.

According to a trade official with knowledge of the developments, “the establishment of dedicated support mechanisms, such as the help desk for IT companies, demonstrates a commitment to long-term economic partnership,” The goal of these programs is to improve the conditions for commercial collaboration between the two nations.

The increasing amount of trade and the diversity of investment sectors show that Saudi Arabia and Pakistan’s economic ties are changing as both countries seek to deepen their business alliances in a number of industries.

Business

After more than 50 years, Bangladesh and Pakistan resume direct trade.

Published

22 hours ago

Farwa

After more than 50 years, the two governments will resume direct bilateral trade, with Bangladesh’s food ministry announcing Sunday that it will receive a supply of 25,000 tonnes of rice from Pakistan next month.

After former Prime Minister Sheikh Hasina was overthrown last August, relations between Bangladesh and Pakistan have begun to improve after decades of tense relations.

Since then, there have been increased bilateral interactions between Bangladesh and Pakistan. Nobel laureate Muhammad Yunus, the interim government’s senior adviser, has met twice with Pakistani Prime Minister Shehbaz Sharif.

According to the food ministry, Dhaka completed an agreement earlier this month to import grains from Pakistan.

“On March 3, the first shipment of 25,000 tonnes will reach Bangladesh,” Zia Uddin Ahmed, a ministry assistant secretary, told Arab News.

“This is the first time that Bangladesh has started importing rice from Pakistan at the government-to-government level since 1971.”

Following direct maritime contact between the two South Asian countries in November—a Pakistani cargo ship stopped in Bangladesh for the first time since 1971 with imports and exports arranged by private companies—their trade relations grew.

Resuming trade with Pakistan is a significant step for Bangladesh, according to Amena Mohsin, a lecturer at North South University and a specialist in international relations.

“We want to see progress in our bilateral relationship with Pakistan. Most significantly, we are currently going through a low point dispute with India, even though we constantly diversify our partnerships.

This most recent move to purchase rice from Pakistan is really significant in this context,” she told Arab News.

Business

The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

Published

4 days ago

Farwa

As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.