A report prepared by the sub-committee of the National Coordination Committee (NCC) for coronavirus has said that the country, due to an adverse impact of COVID-19 on the economy, will record a loss of over Rs628 billion by the end of the current financial year.
The report ‘COVID-19: Preliminary Macroeconomic and Socioeconomic Assessment’ said almost all the departments of the country were going in a loss due to lack of human activity in the wake of the pandemic that has killed over 200,000 people worldwide.
Giving a breakdown of the losses, the report said the Aviation Division will face an estimated financial loss of Rs13.6bn; the Pakistan Stock Exchange Rs250bn; Petroleum Division Rs 87bn; Ministry of Energy (Power Division) Rs136bn; Pakistan Railways over Rs7 bn; National Food Security Rs 55bn; Overseas Pakistanis over Rs 76bn; Ministry of Information Technology Rs1-5bn under the head of withholding tax; and Maritime Affairs will report a loss of Rs30 million.
It further said that the Federal Board of Revenue will face a total estimated revenue shortfall of Rs600bn in the last three months of the current financial year.
The report also suggested the way forward to deal with losses, saying some measures have already been taken.
