Uncertainty inflicts loss of billions to economy

ISLAMABAD: The country's economy had to bear loss of billions of rupees during the past four years owing to occasional uncertainty created by sit-ins, Panama leaks, Dawn leaks, lock-downs and other such unfortunate events since the PML-N government took over in 2013.

However, the government policies did not let the economy derail and ensured positive growth, the ten years' highest 5.3 percent during the fiscal year 2016-17 also ensuring improvement in foreign exchnage reserves besides winning confidence of the investors.

The economic and financial experts are of the view that had there been normal environment, the economy of the country could have performed beyond imagination, however the sit-ins of 2014 followed by law and order situation, and then various `leaks' followed by political uncertainty not only inflicted direct losses to the economy but also diverted the focus from priorities to some extent, causing huge damages, economic experts observed.

For the government, all these activities were conspiracies to halt the rapid economic development in the country as the PML(N) led political regime had prime focus to lift the country towards new heights of progress.

"PML(N) government adopted prudent policies and lifted the economy from trash to new heights, and that achievement its opponents could not digest," said Minister for Planning, Development and Reform, Ahsan Iqbal.

Commenting on the current situation, the minister said that the drama being staged in the country for the last few months was not aimed at eliminating corruption, but to de-stabilize the PML-N government.

"The whole nation is made hostage only on a private issue of the prime minister, resultantly the government's efforts in elevating the index of Pakistan Stock Exchange to 50,000 point has been reversed as the index shed 10,000 points during last week which incurred a loss of over US $12 billion to the nation," he added.

The business community of the country had also expressed serious reservations over the unending uncertainty, which it said had created a crisis-like situation in the country, hence making doing business difficult.

"No doubt, the sit-ins of 2014 inflicted loss of billions rupees to the business community and overall economy and the prevailing situation also put on risk several economic gains," said Mian Shoukat Masood, Vice President Federation of Chambers of Commerce and Industry (FPCCI) while talking to APP.

He was of the view that the situation diverted attention of the government from taking forward the economy and had limited its focus to fast-changing political developments, hence putting the development at stake.

The experts said that the sit-ins of 2014 had affected the country's economic progress, causing direct and indirect, measurable and immeasurable losses, the sit-ins organized by Imran Khan's Pakistan Tehreek-e-Insaf and Tahirul Qadri-led Pakistan Awami Tehreek in 2014, had forced the cancellation of a visit by Sri Lankan president before casting doubt on the planned arrival of the Chinese head of state.

Business community needs peaceful environment for promoting businesses and investments in the country, said President Islamabad Chamber of Commerce and Industry (ICCI), Khalid Iqbal Malik told APP.

"No business can flourish in the environment of instability and for promoting business and economic activities, the first prerequisite is to ensure peace and stability," Malik added.

He said that the uncertainty whether in the form of 2014 sit-ins of the recent political development going on in the country, have had great effect on the economy of the country.

Chairman Liquefied Petroleum Gas Distributors Association (LPG) Irfan Khokhar said the LPG industry had also suffered a lot due to political unrest and the situation of uncertainty, which kept the foreign investors away from the country.

He said LPG mafia took benefit of the situation and sold the commodity in peak season even at Rs 350 per kilogram in certain areas.

But despite all these odds, he said the country's LPG market would swell to 1.8 million metric tons this year due to effective policies of the PML-N government, which was 0.5 mt LPG in 2013.