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7 million people laid off in textile industry, associations claim, 10th Jan, 2023

Hence more crimes in karachi
Evey hour, every day is adding to the miseries of the people, adding to the economic meltdown of the country and the GHQ and PDM still coming with talks of no elections in next 5-6 months, and military making a fool of all with election dates every now and then.

In the end they will be proven to be the biggest loosers and morons.
 
If they persist with this policy, many more will be laid off... All this unemployment when food prices have been skyrocketing. Kab khoon khoulega ?
 
Any patwaris care to comment on this terrible news?


Patwaris Even Did This During Their Tenure 2013-18

Some 140 textile mills have closed their operations, while another 75 to 80 mills are on the verge of closure due to high cost of doing business. According to All Pakistan Textile Mills Association (APTMA), with the closure of 140 textile mills, about one million workers have lost their jobs and further closures will add to the unemployment figure by another 0.5 million. Due to the closure of about 140 mills with various mills operating below capacity, textile exports are suffering a loss of over $4 billion per annum, he added.


Why Is everyone surprised????
 

7 million people laid off in textile industry, associations claim



KARACHI: About seven million people in textile and textile-related industries have been laid off due to dwindling exports and the government’s failure to end the economic crisis, representatives of the value-added textile associations said in a joint press conference on Monday.

The current government does not have any policy to end the various crises affecting textile producers and exporters, they said.

The industry is on the verge of closure as many units have already closed down. Several others are planning to either shut down or shift their production abroad.

Textile factories are being deprived of necessary raw material and accessories. Letters of credit worth as low as $5,000 are being refused, which has hit in-progress export orders of $500,000 per consignment. It’s causing severe disruption and production delays and has led to the cancellation of export orders. Demurrage on various consignments has increased the cost too much, they said.

Despite such a difficult situation, the government is importing expensive luxury cars like BMWs for cabinet members. These imports will have no contribution to foreign exchange earnings. They won’t


generate any taxes for the national exchequer and create zero employment, they said.

It is ironic that exporters who are bringing dollars into the country have been placed third on the priority list for the import of raw materials, they said. Essential items like wheat and edible oil are the first on the priority list while energy-related imports are second.

They complained that the dollar-earning export sector is placed below dollar-spending sectors on the priority list, which shows the poor judgment of policymakers. “How could you spend foreign exchange on essential items and energy if you don’t earn it first?”

The government performance in the last nine months is poor, they said. Two finance ministers during this period have failed to resolve the ongoing economic crisis, they added. Neither the prime minister nor the finance minister have bothered to set aside some time to meet the exporters, they noted.

The industrial sector cannot operate under extreme financial stress as the alarm bells for sovereign default have been continuously ringing while the government’s finance and economic team appears to be asleep at the wheel, they said.

The country is in the middle of a dollar crisis and the economy is facing an emergency-like situation. The current shortage of dollars can be overcome only by promoting exports.

The joint press conference of was addressed by Muhammad Jawed Bilwani, coordinator of the Value-Added Textile Forum, Pakistan Hosiery Manufacturers and Exporters Association (PHMEA) Chairman Muhammad Babar Khan, PHMEA Zonal Chairman Khizer Mehboob, Pakistan Knitwear and Sweater Exporters Association Chairman Rafiq Godil and Pakistan Cloth Merchants Association former chairman Abdul Samad among others.

Published in Dawn, January 10th, 2023







A comparison with PTI's last three year performance.



This is what happens when an accountant instead of an economist becomes the finance minister. Dar is so fixated on his exchange rate that he does not understand the collapse of the nation. At this rate he will have everybody starving and his pet peg of 200 rupees to $.
 
This is what happens when an accountant instead of an economist becomes the finance minister. Dar is so fixated on his exchange rate that he does not understand the collapse of the nation. At this rate he will have everybody starving and his pet peg of 200 rupees to $.
whats he even trying to achieve by maintaining an artificial peg? Its not like we can import anything due to closure of LC's so what benefit is the higher exchange rate?
 
whats he even trying to achieve by maintaining an artificial peg? Its not like we can import anything due to closure of LC's so what benefit is the higher exchange rate?
It distorts all statistics like GDP etc., and makes it look better than if market rate exchange rate was used. So, he is just 'cooking the books' for what audience I don't know since anybody who is literate can see the trick. All I can say is he is fascinated by numbers. If he watches the videos of people fighting for subsidized flour or the misery of unemployed families, he may understand. He is detached from reality. This is a Marie Antoinette and Louis XVI situation.
 
Some more news is, a few people are trying to get rid of Rs through the following

- Buying gold
- Buying USDT (crypto) sending it off to Dubai and then cashing out (Binance), paying premiums
 
The gifts that PDM bring keep on coming,
Allah help the nation.

Allah only helps those who help themselves. But, unfortunately, this country has come to the point someone needs to fire the first shot to cull PDM.

The time for a peaceful transfer of power is gone; as long those goons are alive, they are a national security threat to the country.
 
Government must understand that further economic woes would trigger national security issues.

Despite her capitalistic origins, Government must offer some relief to the populace.

This is supposed to be the election year and the national kitty would not allow for a general election.
 
If they persist with this policy, many more will be laid off... All this unemployment when food prices have been skyrocketing. Kab khoon khoulega ?
IK popularity will be skyrocketing, making his party gets 2/3 seat in parliament, enabling him to change constitution and make many structural changes.

So Pakistan since Today should prepare what short of structural changes need to be brought, or when the time comes nothing is changed and Pakistan lost the best political momentum it has ever had.

Even IK as far as I know doesnt support Presidential System
 
If he watches the videos of people fighting for subsidized flour or the misery of unemployed families, he may understand. He is detached from reality. This is a Marie Antoinette and Louis XVI situation.
lol, you think they don't know what they are doing.
They just don't care. I mean they would help the people if they could do so without harming their selfish interest. It's way down on their list of priorities.
Right now, it's how to get nawaz sharif bathed in milk and brought back and how to deny Imran khan the unprecedented electoral victory he seems poised to get.

IK popularity will be skyrocketing, making his party gets 2/3 seat in parliament, enabling him to change constitution and make many structural changes.

So Pakistan since Today should prepare what short of structural changes need to be brought, or when the time comes nothing is changed and Pakistan lost the best political momentum it has ever had.
They'll break the country into pieces and starve tens of thousands than have elections right now. That's the whole problem.

Even IK as far as I know doesnt support Presidential System
He can be dumb sometimes. Even we PTI fans agree. Like on afghanistan e.g.
 
lol, you think they don't know what they are doing.
They just don't care. I mean they would help the people if they could do so without harming their selfish interest. It's way down on their list of priorities.
Right now, it's how to get nawaz sharif bathed in milk and brought back and how to deny Imran khan the unprecedented electoral victory he seems poised to get.


They'll break the country into pieces and starve tens of thousands than have elections right now. That's the whole problem.


He can be dumb sometimes. Even we PTI fans agree. Like on afghanistan e.g.

Current economic problem is due to global economic condition. So IK better wait than pressing the idea to do election this year.

2024 IMO is a good time for election. Good global economic environment for any leader to rule, particularly compared to 2022 and 2023.
 
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