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February 27, 2020

Ministries unable to deliberate upon negative impacts of coronavirus

Top Story

February 27, 2020

ISLAMABAD: Amid decision taken by Advisor to PM on Finance Dr Abdul Hafeez Shaikh for postponing meeting of Monetary and Fiscal Policies Coordination Board (MFPCB) scheduled to be held on Wednesday, Pakistan’s economic ministries remained unable to deliberate upon negative impact of Chinese coronavirus and its spillover effects on Islamabad’s economy.

Ministry of Finance high-ups were of the view that they were making efforts to convene MFPCB meeting on Thursday (today) but due to Governor State Bank of Pakistan prior engagement now this meeting was expected to be held anytime next week.

Top official sources disclosed to The News that one important topic that expected to come under discussion in the MFPCB meeting would be negative impact on coronavirus and its spillover effects on Pakistan’s economy.

Pakistan’s economic ministries are silent despite this fact that Islamabad reliance on China in the aftermath of China Pakistan Economic Corridor (CPEC) increased manifold but different neighbouring countries were giving stimulus packages to industries and some other were issuing notifications to deal their trade and commercial ties with China after emergence of this deadly virus.

“Pakistan’s imports from China stood at $915 million in January 2020 out of total imports of $3.9 billion in this month as it indicates that Pakistan’s 23 percent imports were relying upon from China,” the official data shows. Pakistan’s exports to China stood at $120 million in January 2020. Instead of remaining silent spectator, Pakistani authorities would have to v