islamabad [Pakistan]Dec 20 (ANI): Thousands of people have become jobless due to the closure of markets in Taftan on the border of Iran and Pakistan for the past one year, reported Pak local media Intekhab Daily.
The manual laborers are unable to find any work for them. Getting food for two times has become a problem for them. Small traders are also facing financial crisis. They have nothing to trade.
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Their only business was cross border trade which has been shut down by the government. Though a new terminal with modern facilities at Pak-Iran border at Taftan was constructed last year, its opening is delayed due to interference of some influential persons who do not want the border to be opened, Intekhab Daily told.
Local media reported that in September there were protests by regional political parties against the prolonged closure of trade and travel corridors at the Taftan border in Chagai district in Pakistan’s Balochistan province.
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The protest was held by members of Anjuman Tajiran, trade unions and various political parties. This was the second protest by traders this month against the blockade of trade corridors, reported Dawn.
Earlier in October, Iranian authorities closed the border with Pakistan at Taftan following clashes between protesters and security forces in Zahedan, the capital of Sistan-Baluchistan, reports Dawn.
According to Federal Investigation Agency (FIA) sources, the trade and tax-free-trade gates, immigration and transit gates to Zero Point remained closed from the Iranian side.
In July, the Quetta Chamber of Commerce and Industry (QCCI) called upon the authorities to start commercial activities at the Bazarcha border terminal on the Taftan border to provide business and job opportunities to the residents, Dawn reported.
Meanwhile, Pakistan’s former prime minister Imran Khan warned on Saturday that his “country is sinking” as he announced that the PTI governments in Punjab and Khyber Pakhtunkhwa provinces would dissolve their assemblies on December 23 to pave the way for fresh elections. May it be abundant.
“Unless free and fair elections are held, we all fear that the country (Pakistan) is sinking,” Pakistan Tehreek-e-Insaf (PTI) chairman Imran said in a video address along with Punjab Chief Minister Pervez Elahi. and Khyber Pakhtunkhwa Chief Minister Mahmood Khan from his side.
At the beginning of his address, Imran Khan expressed grief over the current economic condition of the country under the Shehbaz Sharif government. Imran said that a government with a new mandate and the support of the country behind it would be able to raise its stature, Dawn reported.
Writing for Asian Light, Dr. Sakaria Karim said that Pakistan’s economy continues to deteriorate due to structural imbalances as many decisions regarding economic policies such as taxes, subsidies, etc. in the South Asian country have remained unresolved over time.
Islamabad’s foreign exchange crisis has worsened as reserves have dropped to a record low of USD 8 billion as compared to over USD 20 billion in August 2021, undermining the country’s ability to make international payments.
Foreign Direct Investment (FDI) declined by 52 per cent in the first four months of the current financial year FY23, reflecting the dismal economic health of the country. The continuing decline in remittances is adding to Pakistan’s currency crisis.
Total remittances in July-October 2022 stood at USD 9.9 billion, down 8.6 per cent from USD 10.827 billion in the same period last year. Asian Light reported that if current trends continue, total remittances in fiscal 2023, which ends in June, are expected to be close to USD 30 billion, down from USD 31 billion in fiscal 2022 .
Meanwhile, Pakistan’s textile exports have come down to a 17-month low since May 2021 due to a global economic slowdown in demand for textiles and clothing in Europe, the United Kingdom and the United States. expenditure, and an increase in credit costs in the West.
Despite repeated assurances from Pakistan’s Finance Minister Ishaq Dar for sukuk payments, the international market is unwilling to trust the assurances as the country’s economy seeks to avoid default by borrowing more from markets, donors, commercial banks and friendly nations. Struggles. (ANI)
(This is an unedited and auto-generated story from syndicated news feeds, the content body may not have been revised or edited by Latest Staff)