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Saturday, January 28, 2023
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HomeNationalGovernment stops the payments to Pakistani embassies

Government stops the payments to Pakistani embassies

Salaries of embassies put to halt, many embassies not even able to pay utility bills, report

In a rising economic crisis, the government has stopped payments to Pakistani embassies in other countries.

According to reports, the funds of Pakistani embassies have been stopped. Due to the termination of funds, the salaries of Pakistani embassies have also been put to a halt. The reports have also been claiming that many embassies have not even been able to pay their utility bills.

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The economic crisis in Pakistan has been deepening. The reserves had already fallen to a low level of four years while the payment of imports has also been reportedly stopped.

The foreign exchange reserves held by the State Bank of Pakistan (SBP) have fallen by $784 million and are currently teetering at $6.71 billion after dropping 10.45 percent to a four-year low.

SBP has attributed the reduction to the repayment of certain other external debts and the payment of $1 billion against maturing Pakistan International Sukuk.

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The nation’s total holdings of liquid foreign exchange were $12.582 billion which includes the reserves held by the commercial banks as well. According to SBP data, the total amount of net foreign reserves held by commercial banks was $5.867 million.

According to reports banks have been barred from opening LCs although the government has been claiming otherwise.

The government has been saying that LCs upto 100,000 will not be stopped. Earlier it had allowed for opening LCs of an amount of upto 50,000 but later it was extended to 100,000.

There have also been reports of stoppage of containers of food items containing onions and other everyday kitchen products.

Soybean containers were also stopped at the port which caused a shortage of chicken feed.

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