A significant number of Pakistani press attaches and press counsellors from different diplomatic missions find themselves in a financial bind as they have not received their salaries for the past three months. This comes as a result of an extreme dollar liquidity crunch, leaving these officials in a difficult position.
What Happened: As reported by The News International, a Pakistan daily, the financial crisis is so severe that these officials, who are stationed in high-cost cities such as Washington, Hong Kong, and Singapore, have been living without pay since June.
See Also: Got An Emergency Alert On Your Phone? Here’s What’s Going On
Pakistan’s finance ministry has reportedly exhausted its foreign exchange limits, rendering it unable to release their salaries even for the current month.
Responsibility for this predicament is also shared by the Ministry of Information, which allocated funds for foreign exchange that fell short of the actual requirements. The report said that a similar issue arose during the fiscal year 2022-23, but was timely resolved by then-finance minister Ishaq Dar via a supplementary grant.
Read Next: Gucci Cartier And Louis Vuitton Will Add New Outlets In Reliances Jio World Plaza In Mumbai
Engineered by Benzinga Neuro, Edited by Utkarsh Roshan
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.