FinMin claims opposition protests costing Pakistan Rs190bln daily

Pakistan Nov, 25 2024
FinMin claims opposition protests costing Pakistan Rs190bln daily
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ISLAMABAD: Finance Minister Muhammad Aurangzeb has revealed the immense economic cost of opposition-led protests in Pakistan, claiming that the ongoing political unrest is causing daily losses of over Rs 190 billion. Addressing the media during a press conference on the backdrop of Pakistan Tehreek-e-Insaf’s (PTI) planned march towards Islamabad,

Aurangzeb stressed the urgent need for political stability to protect the country’s economic interests. The finance minister detailed the wide-ranging impact of protests, emphasizing how disruptions caused by such political activities affect key sectors of the economy. “The daily financial damage resulting from opposition-led protests, including lockdowns, is staggering,” Aurangzeb said. He further explained that protests obstruct tax collection, disrupt business activities, and negatively impact exports, leading to a cascading effect on the economy. The government also faces additional costs for maintaining law and order during these events, further exacerbating the financial burden.

According to a report compiled by the Ministry of Finance, the economic impact of these protests includes a daily GDP loss of approximately Rs 144 billion. In addition, disruptions to exports are estimated to cost around Rs 26 billion per day, while a drop in foreign direct investment (FDI) contributes to a loss of another Rs 3 billion daily. These figures reflect the broader strain on Pakistan’s economy due to the political instability fueled by protests.

Aurangzeb also pointed out the specific losses sustained by key sectors like agriculture and industry. He stated that the agricultural sector alone incurs daily losses of Rs 26 billion, while the industrial sector faces damages exceeding Rs 20 billion. These industries, which are crucial to Pakistan’s economic growth, are particularly vulnerable to the disruptions caused by political unrest.

The minister reiterated that political stability is crucial for the country’s economic recovery and growth. He called on all political parties to work together to resolve their differences and prioritize the well-being of the nation. “Protests and political instability are not just a threat to public safety, but also to the country’s financial health,” Aurangzeb said, emphasizing that the government is committed to restoring normalcy and ensuring the smooth functioning of the economy.

In a related development, Federal Minister for Petroleum Dr. Musadik Malik also criticized PTI’s leadership, accusing them of being indifferent to the release of their founder, Imran Khan. Speaking at a press briefing, Musadik Malik stressed that the government’s primary focus is on solving pressing public issues, particularly the economic challenges faced by the nation.

He pointed out that government measures have already led to a reduction in inflation and an increase in stock market performance, which is currently at an all-time high. Malik also called for national unity in the fight against extremism, highlighting the tragic situation in Parachinar, where residents have been protesting the loss of loved ones, but have not received any assistance from Khyber Pakhtunkhwa’s Chief Minister, Ali Amin Gandapur.

He questioned the PTI leadership’s commitment to resolving the country’s issues, stating that Gandapur had been absent from critical situations while attempting to instigate unrest in Punjab and Islamabad. “Where are the senior PTI leaders? There are no rallies visible in key cities like Lahore, Faisalabad, and Gujranwala,” he remarked. Both ministers’ comments reflect the ongoing tensions in Pakistan’s political landscape and underline the serious economic consequences of political protests. While the government remains focused on maintaining stability, opposition parties continue to challenge the status quo, leading to a stand-off that threatens to derail Pakistan’s economic recovery.

National Courier
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