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A CLUSTER of major companies in Pakistan's have stopped operations having run out of raw materials or foreign exchange, reports Bloomberg.
The local unit of Suzuki Motor Corp extended the shutdown of its manufacturing plant to February 21, according to a stock exchange fiiling.
Ghandhara Tyre & Rubber Company, which manufactures tyres and tubes for automobiles, had shut its plant from February 13, saying it's facing "immense hurdles towards importing raw materials and obtaining clearance of consignments from commercial banks."
Those are just two out of a cluster of listed companies that includes manufacturers of fertilisers, steel and textiles that have shut factories or suspended operations as they grapple with a shortage in inventory or cash, or even a drop in demand.
Pakistan's US$3.19 billion in foreign currency reserves means that the nation is unable to fund imports, stranding thousands of containers of supplies at its ports and stalling production, putting jobs at risk. An inflation that's also at the fastest in almost half a century is putting many goods out of the public's reach.
Among those that have also shut or slowed operations are GSK Plc's Pakistan unit, Engro Fertilisers Limited, Fauji Fertiliser Bin Qasim Limited, Nishat Chunian Limited, Amreli Steels Limited, Millat Tractors Limited and Diamond Industries Limited.
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