KARACHI, Nov. 10,Reuters : Pakistan’s economy suffered one billion rupees 67.97 million dollars) worth of damage during ethnic violence in which at least 58 people were killed, a businessmen’s organization said today.
“My rough estimate of the loss6 to the economy is in the neighbourhood of some one billion rupees”, Yusuf Zia, chairman of the Investment Cell of the Federation of Pakistan Chambers of Commerce and Industry, told reporters.
Zia said his estimate included losses in production and government taxes He said the port of Karachi was at a standstill, band transactions were suspended, exports suffered and most industries were shut during the six days of rioting and curfews in Karachi and the town of Hyderabad.
Zia said that besides the immediate losses, businessmen feared long term damage to the confidence of both foreign and domestic investors.
The riots flared on October 31 when Pathans from the North West frontier province clashed with Mohajirs, who migrated from British India at the time of its partition in 1947.
Doctors have said at least 58 people died in the violence.
Article extracted from this publication >> November 14, 1986
