Renowned banker accuses govt of lying about Rs190 billion loss due to PTI protests

Renowned investment banker Mir Mohammad Ali Khan questioned the Ministry of Finance's claim that Pakistan incurrred Rs190 billion in daily economic losses due to PTI protests.

Taking to X, Khan expressed skepticism over the government's statistics, calling the figures exaggerated. He pointed out that the combined GDP of Islamabad and Rawalpindi amounts to only $24.3 million per day, far below the claimed $683 million daily loss.

Breaking down the numbers, Khan stated, "Islamabad’s daily nominal GDP is $13 million, while Rawalpindi’s is $11.3 million. Combined, they total $24.3 million a day—not $683 million as claimed."

He additionally requested the provision of provincial GDP data to provide a more detailed and comprehensive response.

Pakistan's Finance Minister, Muhammad Aurangzeb revealed that the ongoing opposition-led protests have resulted in significant economic losses for the country.

According to Aurangzeb, the protests, led by Pakistan Tehreek-e-Insaf (PTI), have disrupted tax collection, obstructed businesses, and negatively impacted exports.

Additionally, the government incurs extra expenses to maintain law and order during these protests.

The IT and telecommunications sectors also suffered separate economic losses, affecting social dynamics and the digital economy.

A detailed report by the Ministry of Finance outlined the daily losses: Rs 144 billion in GDP, Rs 26 billion in export reductions, and an additional Rs 3 billion in direct foreign investment declines.

Provinces are also bearing extra losses, with Rs 26 billion daily in the agricultural sector and over Rs 20 billion in the industrial sector.

These numbers are alarming, and the government and opposition parties need to find a way to address their differences without causing such significant economic harm.