Loss suffered by Pakistan's economy on account of its fight against terrorism has been estimated at $3.88 billion (Rs407.21bn) in the first nine months of fiscal 2016-17, according to the yearly economic survey released by Islamabad today.
The survey which recorded losses to the economy under the chapter ‘Impact of War in Afghanistan and Ensuing Terrorism on Pakistan’s Economy’, shows that the losses to the economy are steadily decreasing since FY12 when they hit a peak of $23.77bn the year before.
Last year, the economic losses due to deterioration in the security conditions on account of terrorism went down by about 30pc to $6.49bn from $9.24bn a year earlier.
“Despite the conflict and continuing instability in Afghanistan that has been an impediment to regional peace and development, Pakistan has achieved progressive and significant improvement in the country’s overall security landscape in the recent years,” DAWN reports citing a statement in the survey. “This has been accomplished largely due to successful counterterrorism efforts of the government under the framework of the comprehensive National Action Plan backed by an extensive and highly effective counterterrorism operation Zarb-i-Azb by the armed forces and actions by other security and law-enforcement agencies and intelligence-based operations across the country.”
These losses were incurred in the shape of lost exports, compensation to victims of terrorist attacks, rehabilitation of the people displaced because of terrorism, destruction of economic and social infrastructure, decline in foreign direct investment, reduction in industrial output, lower tax collection and cost of uncertainty, it said.
“Normal economic and trading activities were disrupted, resulting in higher costs of doing business including the cost of insurance and significant delays in meeting the export orders around the globe. As a result, Pakistani products gradually lost their market share to their competitors. Economic growth could not pick up as planned during the last decade,” the survey noted.
Pakistan alleged India of diverting imported nuclear materials acquired under Nuclear Suppliers Group (NSG) waiver to make weapons. “Pakistan has been underscoring for decades the risks of diversion by India of imported nuclear fuel, equipment and technology, received pursuant to civil nuclear cooperation agreements and the 2008 Nuclear Suppliers Group (NSG) waiver,” Pakistan Foreign Office spokesman Nafees Zakaria told reporters Friday
Indias Border Security Force (BSF) on Tuesday seized two Pakistani boats from Tota Guru post (Dera Baba Nanak Post) on the Ravi river in Punjab. No arrests have been made so far
United Nations Security Council (UNSC) is examining the role of Pakistan in supplying restrictive nuclear materials ‘Monel and ‘Inconel to North Korea. Pakistan is one of few countries having both a diplomatic and an economic relationship with North Korea that goes back to the 1970s, when then Prime Minister Zulfikar Ali Bhutto visited Pyongyang as part of his foreign policy campaign to strengthen relations with socialist states
Pakistan-based terror groups such as Jaish-E-Mohammed, Lashkar-E-Toiba which are among 64 such outfits banned by Islamabad operate openly through Facebook pages, an investigation by the
USAF Approves Sikorsky HH-60W Gunship To Enter Production
Shareholders Approve United Technologies, Raytheon Merger
Pak’s Indigenous Fifth Gen Fighter Completes Initial Conceptual Design Phase
Turkey’s Hisar-A Low Altitude Missile Defense System to Enter Mass Production
Russian S-300s, S-400s Fail to Detect Israeli F-35s Flying Over Syria: Reports...
New GJ-11 Stealth Combat Drone with Flying Wing Design takes part in...
China to Deploy Sharp Sword Stealth Drone on Type-001A Carrier by Year-end...
USAF Develops "Thor" Electromagnetic Weapon to Hammer Enemy Drones
Sanctions-hit Iran has found ingenious ways to develop military hardware
Artificial Intelligence (AI) is rapidly permeating the defence industry to aid and improve human decision-making
Upgrade of Russias Sukhoi Su-30SM fighters to equip them with armaments, radar, sensors and engines from the more powerful Su-35...
US companies sanctioned by China for supplying weapons to Taiwan may be denied rare earth elements (REEs), which have critical...
While the US F-35 stealth aircraft has become one the fastest selling fighter jets in the world aircraft market, thanks...
Russian state-run Almaz-Antey has released additional data on its latest export-version of Buk-M3 Viking air defense missile system (ADMS)