Pakistan's economy has faced massive loss worth of Rs 800 billion in last few days due to the political uncertainty created by the prolong sits-ins of Pakistan Tehreek-i-Insaf (PTI) and Pakistan Awami Tehreek (PAT) in front of the parliament house.
"The current protests have paralyzed Pakistan's economy and the direct losses to the economy have reached up to Rs 800 billion while the indirect losses, according to estimates have amounted to several hundred billions", said Commerce Minister Khurram Dastgir Khan in a statement.
It is worth mentioning here that Pakistani rupee is under severe pressure in last few days due to the political uncertainty in the federal capital of the country. The dollar value has increased by Rs 1.46 in a single day on Monday. The dollar value has surged to over Rs 103 on the first day of the current week, which was around Rs 98 before the long marches of PTI and PAT.
Market sources informed that dollar value could further enhance if the State Bank of Pakistan do not take action in next couple of days.
"The devaluation of rupee against dollar and the constantly fluctuating exchange rate has raised Pakistan's external debt by Rs. 350 billion. The uncertainty caused by this political turmoil has made the investors skeptic and they have lost Rs. 450 billion in Stock Exchange", the Minister added.
The Minister was of the view that the unbridled desire of the protestant to achieve power by hook or by crook has tarnished the international image of the country and the news of political instability have put the willing foreign investor in doubt. The heads of states of China and Sri Lanka have postponed their important visits due to the prevailing uncertainty and the country could not hold important economic negotiations with these economic partners. The Minister said that the negative politics being played in the country is misleading the youth and the country will have to strive hard to erase the harmful effects of this upheaval on the economy.
Despite all immature political acts by certain parties to derail the democratically elected government, the pragmatic leadership of Prime Minister is committed to address grave challenges of this nation. The vision encompasses restructuring of the economy, initiating projects to generate energy and addressing extremism in the country. The leadership believes in rule of law, supremacy of judiciary and fair execution of governmental policies to raise this nation among the comity of developed countries.
Recently, the Planning Commission of Pakistan has launched Vision 2025, under the visionary guidance of Prime Minister of Pakistan. It serves as a detailed road map for the economic revival to address future challenges. It is pertinent to mention here that social stability and development issues are directly linked to the economic sustainability in the country. For smooth journey towards development, it is unavoidable to set aside the democratic process in the country. Need of the hour is to follow an approach which could address the national economic challenges with collective wisdom.