- The Coronavirus crisis could cost the Pakistani economy $14 billion.
- More than 20 million workers and working people will lose their jobs.
- Prime Minister Khan has issued special instructions, saying that the data related to Coronavirus should not be hidden in any case.
According to experts in Pakistan, the global Coronavirus crisis is causing serious threats to Pakistan’s impoverished economy. If not improved, the government’s economic data will be shattered. Business activity in the country has shrunk in the past two years, and the government was running a difficult country with borrowings from friendly countries and the IMF.
According to preliminary estimates by the federal government, the Coronavirus crisis could cost the Pakistani economy $14 billion. According to the Ministry of Planning, businesses and shops are closed due to fears of coronavirus. More than 20 million workers and working people will lose their jobs. According to the Planning Commission of Pakistan, the figures are based on the information and expert reviews from various government departments over the past two weeks.
Prime Minister Imran Khan’s stance during the Coronavirus Crisis said that a poor country like Pakistan cannot afford lockdown. To the world health experts, most countries have no choice but to prevent this deadly outbreak. According to Karamat Ali, head of “Pillar,” an activist working for the welfare of workers in Karachi, recent unemployment estimates are alarming. However, they say the truth is even more bitter.
According to Karamat Ali, a large part of Pakistan’s workforce is working in the informal sector, with the textile industry being the most important. “According to our estimates, one and a half million people in the country are only working for the welfare of their wives and children. This class is completely lost. They have no rights. They are dismissed from their jobs.”
Former Finance Minister Dr. Hafiz Pasha, and former governor of the State Bank of Pakistan, said that due to lockdown and unemployment, one and a half million more people can fall below the poverty line. In a recent article on the potential economic loss due to Coronavirus, both experts warned that the government’s tax revenue would be drastically reduced while spending would increase.
The remittances sent to Pakistanis abroad will decrease and exports will be affected, which will have a direct impact on the balance of payments. In view of these conditions, global financial institutions have predicted a significant decline in Pakistan’s economic output. Moody’s Investors, based in New York, said in its analysis that Pakistan’s growth rate could fall to 2% during the current financial year, according to the Asian Development Bank.
Prime Minister Khan has issued special instructions, saying that the data related to Coronavirus should not be hidden in any case. As per the details, a meeting of the National Coordination Committee, chaired by Prime Minister Khan, was held in which a detailed review of the current situation of Coronavirus was taken. It was decided at the meeting that the data command and control center will be announcing the data.
Prime Minister Khan directed the provinces to share the data with the command and control center, and directed that the coronavirus data must not be hidden. Hiding any information related to the outbreak would be like jeopardizing national security.
The Prime Minister said that the situation of Coronavirus in Pakistan is not disturbing, it is under the control of government measures, and the efforts of all institutions. He said similar sanctions will be continued till April 14, after which the situation will be assessed and make future decisions.