Pak economy losing three billion rupees daily due to political bedlam

Pak economy losing three billion rupees daily due to political bedlamKarachi, Mar. 14 : The current political turmoil in Pakistan has not only raised questions about the stability of the democratic regime in the country, but it also has severely dented its economic growth.

According to an estimate, Pakistan is losing about three billion rupees daily due to the political chaos, as the lawyers' protest march has paralysed routine business and foreign trade in most parts of the country.

If the long march and ongoing political commotion continues even after March 16, it is anticipated that the Federal Board of Revenue would lose more than 25 billion rupees worth tax revenue in the month of March, and the average target of raising 148 billion rupees as revenue in this month would become impossible to achieve.

"The perpetual disturbed domestic political conditions would definitely affect the government efforts to bring improvement in the macroeconomic indicators," The Nation quoted head of the Research wing at the Federation of Pakistan Chamber of Commerce, Dr. Ayub Mehar, as saying.

Due to the blockade of the highways and seizure of containers by the police to foil the long march ahead of the lawyers' sit-in, the goods and consignments from other parts of the country are not reaching Karachi' s port , Pakistan's financial hub.

Similarly, containers from different countries are not being transported to other cities, thus increasing the cost of transportation and freight charges, storage charges and mark-up rates on Letter of Credits (LC's). (ANI)