Senator Irfan Siddiqui voices concerns over public holidays

Today, Pakistan marks Youm-e-Takbeer, a significant day in its history when the nation successfully conducted nuclear tests in 1998. Prime Minister Shehbaz Sharif declared a public holiday to honor this milestone, leading to various closures across the country.

As a result of this unexpected holiday, exams in Karachi have been postponed, and government offices, banks, stock exchange, courts, and educational institutions remain closed. This move has stirred discussions about the impact of sudden holidays on the economy.

Pakistan, facing economic challenges, already observes numerous public holidays annually, totaling around 120 days. Each day off can result in a 1-2% loss in the national GDP, amounting to over Rs100 billion. Economic experts warn that abrupt holidays can have a significant financial impact, potentially costing the national exchequer between $1.1 to 1.3 billion, especially if announced after business hours.

Senator Irfan Siddiqui from the Pakistan Muslim League-Nawaz (PML-N) acknowledged the importance of Youm-e-Takbeer but expressed concerns about the sudden declaration of public holidays. While recognizing the historical significance of the day, he emphasized the need for better planning and coordination to minimize economic disruptions.

As Pakistan reflects on the achievements of Youm-e-Takbeer, the debate over the economic implications of public holidays continues. Balancing the need to commemorate important events with the economic impact of sudden closures remains a challenge for policymakers. Moving forward, a more strategic approach to holiday planning could help mitigate financial losses while still honoring significant milestones in the nation's history.