Transferring profits abroad become biggest Obstacle in LNG procurement, Musaddiq Malik
In absence of agreement with IMF, investors are also avoiding investment, Minister of State for Petroleum Musaddique Malik confirmed to Bloomberg journalist Faseeh Mangi
Hindrance in transfer of business profits abroad has become the reason for not getting LNG to Pakistan, due to which the fear of severe gas crisis has arisen in winter.
Minister of State for Petroleum Mossadegh Malik has confirmed that “in the absence of an agreement with the IMF, investors are also avoiding investment”.
According to Faseeh Mungi, a Pakistani journalist affiliated with Bloomberg, Minister of State for Petroleum Mossadegh Malik said that “Pakistan failed to receive any LNG offer due to political and economic uncertainty as well as global market dynamics.”
Pakistan failed to receive any LNG offers because of political and economic uncertainties plus global market dynamics, says petroleum minister Musadik Malik
“Investors are also refraining from investing in case of no deal with the IMF.” pic.twitter.com/MIfovgQerO
— Faseeh Mangi (@FaseehMangi) June 21, 2023
He further said, “In the absence of an agreement with the IMF, investors are also avoiding investment”.
According to the sources, the simple meaning of Mossadegh Malik is that there are doubts among foreign companies and investors that the dollar crisis will continue in Pakistan in the absence of an agreement with the IMF. The government’s remittance of profits from the sale of LNG abroad will continue to be hampered. This is the reason why investors are avoiding investing in the Pakistani market.
It should be noted that in recent months, many multinational companies have complained of obstruction in the transfer of profits from Pakistan, while many companies have moved out of the country with their business and many companies are preparing to wind up their business.
