Finance Ministry has told the Senate that one million jobs will be lost in Industrial sector while two millions are expected to be lost in the initial round of Coronavirus outbreak.
ISLAMABAD: (UrduPoint/Pakistan Point News-June 5th, 2020) Finance Ministry told Senate on Friday there could be loss of three million jobs in the initial round of Coronavirus outbreak.
The Finance Ministry said that the Industrial sector could lose one million jobs out of three millions while two millions were expected to be lost in service sector across the country.
The Ministry revealed this information in response to questions raised by Senator Mushtaq Ahmad regarding expected loss of jobs during the current coronavirus pandemic. He also asked the ministry about increase in budget deficit, debt and Dollar value and the government’s plan to cope with the challenges.
In its response, the ministry revealed that there would be increase ration of poverty from 24.3 per cent o 33.5 per cent due to the ongoing crisis.
It said that there was expected increase in the fiscal deficit from the initial target of 7.5 per cent o 9. 4 per cent of the gross domestic product owing to revenue shortfall and an increase in public spending due to fiscal stimulus package. It also said that increase in debt burden would also depend on the fiscal deficit.
The ministry also informed the Senate about the Currency value which depreciated by 7.5 per cent in March over February while the value of rupee against the dollar in February was expected at Rs Rs154.23.
The ministry also announced to provide details of the relief package of Rs. 1, 240 trillion that was announced to cope with the impact of Covid-19 on economy and vulnerable section of the society.
