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Title 45.jpg (32936 bytes)Pakistan's economy is feared to face a loss of $2 to $3 billion as a result of the current situation that is the sequel to Sept.11 events in Washington and New York. It is however too early to calculate losses unless the war comes to an end in Afghanistan. If the situation continues to persist the size of the loss could be much more as has been revised by the government of Pakistan. All leading players in the export sector have registered a sharp decline. The trend of cancellation of export orders is yet another sign of warning about further drop in Pakistan's export. Contrary to this early setback, the Ministry of Finance, Commerce and the Export Promotion Bureau has surprisingly claimed that the export target for the current fiscal may not be revised downward.

Seafood exporters of Pakistan are bracing themselves for a bad year due to trickle of orders in all the major markets the US, the EU and Japan. On the one hand they are pressurized by the importers to reduce their prices due to what they say 'a sharp decrease' in demand in their respective markets and on the other they are facing a stiff resistance from the local fishermen to keep getting the premium price. That further worsens an already bad situation.

The half yearly accounts of the Company indicates lack of good governance. If the mounting losses are not arrested the Company may not be able to discharge its contractual obligations. The SECP must look into the affairs before it is too late.

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