Published 05:37 IST, March 24th 2020
Pakistan might face losses of 1.3 Trillion due to coronavirus pandemic
The coronavirus pandemic could lead to economic losses of nearly Rs 1.3 trillion in various sectors across Pakistan, international media reported.
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The coronavirus pandemic could lead to economic losses of nearly Rs 1.3 trillion in various sectors across Pakistan, international media reported. Pakistan has till now reported 873 cases of COVID-19 infection and six deaths. According to reports, the aforementioned losses will be incurred on account of the drop in the GDP growth because of reduction in the services sector, including airline business and others, Pakistan's Federal Board of Revenue (FBR) loss, the massive decline in imports, exports, reduction in remittances, and disruption in food supplies.
The preliminary assessment of losses done by the Asian Development Bank (ADB) stood at USD 5 billion, however, Pakistan's top officials argued that these estimates were less than the expected actual losses. The Planning Commission of Pakistan estimated that the size of the country's GDP stood at Rs 44 trillion and one-fourth stood at Rs 11 trillion, so the disruption caused by Coronavirus was expected to cause at least 10 per cent losses in the last quarter (April-June) that would stand at Rs 1.1 trillion at least.
The country's Federal Board of Revenue had already slashed its target from Rs 5.555 trillion to Rs 5.238 trillion. Now, amid the pandemic, it is estimating a nationwide collection of only Rs 4.4 trillion till June 2020. Federal secretary commerce Sardar Ahmad Nawaz Sukhera, talking to international media revealed that the exports might also face a loss in the range of USD 2 to USD 4 billion as the pandemic has cancelled a majority of it.
First doctor dies
Meanwhile, a 26-year-old Pakistani doctor reportedly died after contracting the novel coronavirus while treating the COVID-19 patients in Gilgit region of Pakistan-occupied Kashmir. His death marks the first death of a healthcare worker in the country. According to reports, the deceased named Usma Riaz had treated the patients who recently returned from Iraq and Iran.
05:37 IST, March 24th 2020