Coronavirus could boost Pakistan's exports: SBP

The outbreak of the coronavirus (COVID-19) has become a headache for the global economy after the mysterious virus has already caused massive supply chain disruptions, alongside slowing down the economic giant China, the epicenter of the virus.

However, the slowdown in the Chinese economy could be a boon for Pakistan's exports, which can increase at least in the medium term, expressed Deputy Governor of the State Bank of Pakistan (SBP), Murtaza Syed.

He said that Pakistan has deep trade links with China and would likely be affected by the halting of industrial and economic activities in the neighboring ally.

The central bank official was of the view that Pakistan's exports can be increased in view of the halting of exports from China. However, Murtaza was of the view that the increase in exports will be a medium-term opportunity.

He said that Pakistan imported sixty percent of machinery and twenty percent of raw materials from China and stated that due to disruption in the supply chain because of the coronavirus, local importers have started looking at other markets.

Just days ago, the Asian Development Bank (ADB) in its latest report said that the coronavirus outbreak could cost the Pakistan economy in the range of $16.387 million to $4.95 billion, or 0.01 to 1.57 percent of gross domestic product (GDP).

In the best-case scenario, the impact on Pakistan would be limited to a $16.387 million, or 0.01 percent. In the moderate case scenario, the outbreak in China is more widespread and lasts longer, with travel bans and precautionary behavior abating only after three months. In such a scenario, the impact on Pakistan would be $34.12 million.

In the worst-case scenario, the impact of COVID-19 would widen to $60.81 million, or 0.02 percent of GDP. In the hypothetical worse case the impact of COVID-19 would be more widespread and may cause $4.95 billion or 1.57 percent of GDP, besides the loss of 0.9 million employment, stated ADB.

A recent waste crude oil spillage, after recent heavy rain spell, in the Nirali Dam of Gujar Khan has posed serious threat to human health and environment in the vicinity.

Assistant Director Punjab Environment Protection Department (EPD) Amin Baig told APP that the crude oil leakage occurred in the Adhi Oil field of Pakistan Petroleum Limited (PPL). "After reports of the oil flow over into the reservoir, EPD team visited the site and took the PPL administration on board whereas DO Fisheries Muratab Ali also accompanied the team. Water samples have been collected from the banks of the dam and also from the middle of the water reservoir to ascertain the level of oil contamination in the reservoir," he added.

He noted that the water color and shining surface in the centre of the dam indicated the presence of crude oil. He informed that the water samples were sent to the laboratory in Lahore to gauge the level pollution in the dam.

Amin added that the dam water was used for irrigation and fish farming purposes and was not used for drinking.

"The oil overflow into the dam was first identified by the Irrigation Department where after meticulous observation of the water reserve proved the presence of oil," he noted.

To a question, he said Well

No.5 at the Oil field was suspected to be the oil leaking sources where we had collected random samples from final outlet of the oil field and then the dam.

According to Safe Drinking Water Foundation (SDWF), a Canadian charity working on the subject since January 1998 claimed that oil pollution could damage ecosystems, including plants and animals, and contaminate water for drinking and other purposes.

"The feathers and fur of birds and marine animals can become coated in oil; when the animals are covered in oil, they can no longer insulate themselves against the cold water, and birds have difficulty in flying. Furthermore, when the animals clean themselves, they ingest some of the oil. Most birds that are coated in oil would not survive, if it weren't for people cleaning them. Fish can be suffocated by the thick sludge of oil on the water surface, and bottomdwelling fish can develop liver disease, as well as reproductive and growth problems. Plants that grow in or near the water can be harmed by oil pollution. An oil spill can block the sunlight that plants need for photosynthesis, which kills plants growing in the water," it added.