Anti-govt protests caused losses worth Rs1,000b: Ashan Iqbal
Minister says allegations levelled by PTI chief damaging his own credibility, unnerving investors
ISLAMABAD:
Planning and Development Minister Ahsan Iqbal claimed on Tuesday that the ongoing anti-government protests in Islamabad had caused a financial loss of Rs1,000 billion to the country’s fragile economy.
Addressing a press conference, the minister said that the allegations levelled by PTI chief Imran Khan were not only damaging his own credibility, but were also unnerving investors.
The minister stated that the devaluation of the rupee against the US dollar and the constantly fluctuating exchange rate have added Rs 250 billion to Pakistan’s external debt.
According to Iqbal, the stock exchange crashed from 29,000 to 28,000 points which caused a loss of Rs 350 billion to the economy. Subsequently, the inflationary price of exports added another Rs 225 billion to the burgeoning list of losses incurred by the economy over the past few weeks.
In addition, the economy also suffered another blow amounting to Rs 100 billion due to an increase in petroleum prices which kicked in as the value of the rupee plummeted. He said the PTI chief was also spreading misinformation about the Chinese president’s visit to Pakistan.
Published in The Express Tribune, September 10th, 2014
Planning and Development Minister Ahsan Iqbal claimed on Tuesday that the ongoing anti-government protests in Islamabad had caused a financial loss of Rs1,000 billion to the country’s fragile economy.
Addressing a press conference, the minister said that the allegations levelled by PTI chief Imran Khan were not only damaging his own credibility, but were also unnerving investors.
The minister stated that the devaluation of the rupee against the US dollar and the constantly fluctuating exchange rate have added Rs 250 billion to Pakistan’s external debt.
According to Iqbal, the stock exchange crashed from 29,000 to 28,000 points which caused a loss of Rs 350 billion to the economy. Subsequently, the inflationary price of exports added another Rs 225 billion to the burgeoning list of losses incurred by the economy over the past few weeks.
In addition, the economy also suffered another blow amounting to Rs 100 billion due to an increase in petroleum prices which kicked in as the value of the rupee plummeted. He said the PTI chief was also spreading misinformation about the Chinese president’s visit to Pakistan.
Published in The Express Tribune, September 10th, 2014