Strikes could cause Rs120bn daily loss to economy: Aurangzeb

Finance Minister Muhammad Aurangzeb has warned that sit-ins, protests and disruption of business activities could cause the country a daily loss of Rs120 billion. In a video statement, he said strikes could reduce daily export volumes by up to 50%, potentially disrupting the country’s economic growth. Aurangzeb said calls for marches, strikes and sit-ins under the prevailing circumstances were difficult to understand, adding that economic stability had been achieved through difficult decisions. He said continuing the country’s economic growth was a shared responsibility and urged all stakeholders to resolve their issues through dialogue. The minister warned that losses caused by sit-ins and protests would ultimately affect ordinary people, particularly the poor. Aurangzeb said Pakistan’s foreign exchange reserves had reached a record $21. 4 billion, while efforts were underway to reduce expenditures. He said the country was also running a current account surplus and had moved from economic stabilisation towards economic growth. The finance minister added that the export sector was also moving in the right direction and expressed optimism that economic growth would accelerate further.

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