ISLAMABAD: The government held on Monday the sit-ins at D-Chowk responsible for losses of billions of rupees and deteriorating investment environment in the country.

In a written reply to a question by Sheikh Salahuddin of the Muttahida Qaumi Movement, Finance Minister Ishaq Dar informed the National Assembly that demonstrations had brought bad name to the country.

The MQM legislator had asked the minister to state the estimated loss caused to the government on account of protest lodged by various segments of society in the country during the current financial year.

Neither the questioner nor the minister named the protesting Pakistan Tehreek-i-Insaf and Pakistan Awami Tehreek.

The minister said the current situation had affected the pace of economic development and badly damaged the image of the country all over the world.

He claimed that the recent data revealed that the foreign direct investment (FDI) declined by 26 per cent during July to September this year.

“The export during July-September 2014 declined by 6.2pc while imports in­creas­ed by 10.5pc. It is estimated that due to depreciation of the rupee the additional cost in import bill is Rs16 billion during the first 60 days of dharna / rally,” he said.

Mr Dar said inflation, which had been contained below 8pc in July and August, was likely to come under pressure on account of disruption of supply of commodities.

He said the rupee depreciated to Rs102.9 against the US dollar on Sept 15 from Rs98.9 on Aug 8 and as a result external public debt went up by Rs210 billion.

The government had expected to receive foreign exchange worth $15bn by the end of September, but it did not happen because of delay in launching of Sukuk bond and divestment of OGDCL shares, the finance minister added.

He said demonstrations had also led to delay in finalisation of the fourth review under the IMF programme and release of $550 million. This too had an adverse effect on the economy.

The government had to release Rs357.4m to the ministry of interior as a supplementary grant for security of the sit-ins, the minister said.

Published in Dawn, October 28th, 2014