Millions of textile workers go jobless in Pakistan due to declining export
Op IndiaPakistan is experiencing its worst economic crisis amidst food shortages, flash floods, and poverty. As the government of Pakistan failed to end the economic crisis in Pakistan, over 7 million workers in its textile industry have been laid off. According to the State Bank, Pakistan’s foreign exchange reserves last week dropped to $4.3 billion, the lowest level since February 2014. Notably, the seventh and eighth reviews of Pakistan’s bailout program were approved by the IMF board in August of last year, allowing for a release of more than USD 1.1 billion. Pakistan’s Khyber Pakhtunkhwa, Sindh, and Balochistan are among the worst sufferers as tens of thousands spend hours daily to get the subsidized bags of flour that are already short in supply in the market.
History of this topic
Textile exports continue to decline in June, mills suspend work on tepid demand
The Hindu
Pakistan unemployment at its peak: Over 10 lakh lost jobs in past few months amid economic slowdown
India TV News)
Pakistan Economic Crisis: Millions in danger of losing jobs as industries shut down
Firstpost
Economic crisis to hit Pak industries, workforce after textile exports fall
Live MintDiscover Related
)
)
)
)