Pak spent $118 bln on 'war on terror': central bank

November 18, 2016 19:14

Pakistan has spent a hefty $118 billion since 2002 to combat terrorism which has significantly hampered growth and it is facing "serious challenges" to its economy, according to a new central bank report.

'The State of Economy 2015-16' report, released by the State Bank of Pakistan, said the country is facing "serious challenges" in the form of low savings and investment levels, falling exports and poor spending in the social sector.

However, the report said despite the crunch, Pakistan had spent $118.3 billion on the 'war on terror'. "The problem is compounded by the stop gap measures adopted to spread the tax net," the report said.

The $118.3 billion payment is equivalent to well over one third of its gross domestic product.

The central bank said the amount included direct and indirect losses incurred due to the terrorism and extremism in the country between 2002 and 2016.

The central bank report noted that both economic growth and social sector development have been severely hampered by terrorism-related incidents.

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