Youm-e-Takbeer public holiday costs Pakistan Rs100 billion loss

Pakistanis enjoyed a day off yesterday to commemorate historic nuclear tests conducted by Pakistan on May 28 in 1998.

A public holiday was announced by Prime Minister Shehbaz Sharif, who always vowed to steer the country out of the economic crisis.

National holidays are surely a delight for students and especially salaried workers around the world, but they incur losses to the national exchequer.

If businesses are closed in Pakistan for one day either due to any shutter-down strike or public holiday, a complete lock-down can cost approximately Rs100 billion to the national coffers.

While talking to a private news channel, Economic analyst Khurram Schehzed said that a single public holiday can cost between $1.1 to $1.3 billion.

"If you take a decision after the end of a business day then the impact is double than that," added Schehzed criticising PM Shehbaz's order.

On the other hand, the federal government was also slammed by Karachi and Lahore traders associations for announcing a sudden holiday.

According to traders, sudden public holidays affect the scheduled bank transactions between the parties, which reduces the trust level in business.

Speaking to the Geo News morning show, Pakistan Muslim League-Nawaz (PML-N) Senator Irfan Siddiqui said that he was not in favour of public holiday during the severe economic crisis in the cash-strapped country.