Pakistan's fragile and precarious economy will suffer huge loss of Rs 800 billion during the 10 days countrywide shut down due to Eid-ul-Fitr holidays, renowned economist Dr Hafeez Pasha told Business Recorder on Friday.
Somewhat worried about the country's economic and political affairs, Dr Pasha, who has served the country meritoriously as Federal Minister for Finance and Economic Affairs and Deputy Chairman of the Planning Commission in the past said: "Pakistan's total economy is around Rs 25,000 billion and if we take out Rs 800 billion in just one hit callously, then we should not talk about GDP and economic growth, expansion of economy or the poverty alleviation."
Dr Pasha wondered how a country like Pakistan, engaged in a war with more than one million internally displaced persons (IDPs) and low growth rate could afford the luxury to shut down for 10 days and still hope for economic revival. It is worth mentioning that the government has given four days holidays to the government employees to celebrate Eid from Tuesday to Friday facilitating them to add another two weekends Saturdays and Sunday to make them 6 days.
However, the government employees, by taking Monday as furlough would be actually availing 10 days leaves putting the affairs of the government on auto. Former President Lahore Chamber and Commerce and Industry Irfan Qaiser Sheikh told this scribe said that the country's exports and industrial production would be very badly affected by the closure of Customs, Banks, Stock Exchanges for 10 days. No developing and poor country could afford such a luxury. Such mindless policies of the government would lead to social and economic upheavals, Sheikh warned.
A former President of Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) Malik Muhammad Aslam said that the country was already facing the crippling energy crisis and the vending industry is worst hit. Hundreds of vending units and small businesses have been closed due to the prolonged electricity outages. In these circumstances, closure of government offices for 10 days is really mind-boggling and depressing for the manufacturing sector.
Malik said he fails to understand what the government would gain or where it is leading the nation by shunting the economic activities for such a long period whereas it should have promoted the culture of hard work, dedication and revival of depressed and closed down industrial units across the board. Chairman LCCI Halal Food Export Committee Naseeb Ahmad Saifi said that perishable Halal Food Industry has already been suffering due to energy shortages. By keeping the export-related government offices closed for such a long period, the government has hampered the Halal Food export, he added.