KARACHI, Pakistan :Honda Atlas Cars Pakistan Ltd on Thursday announced a 15-day extension to its longest plant shutdown this fiscal year, citing the country's economic crisis, restrictions on opening letters of credit for imports, and halting foreign payments.
Honda says the government’s stringent measures to deal with Pakistan’s economic situation have “severely disrupted” the company’s supply chain. Other listed automakers in the country, such as Indus Motor Company Limited and Pak Suzuki Motor Company, have also been forced to halt production during the last fiscal year due to Pakistan's economic difficulties, which have seen central bank foreign exchange reserves drop to a level barely able to cover a month’s imports.
Source: News Formal (newsformal.com)
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