Article Type

Article

Description

Economichievements in most difficult circumstances during President Musharraf‘s regime are dismissed outright, because of abhorrence of the military rule, imposition of the emergency in 2007, his decision to join the US in Afghanistan war, open tussle with the judiciary, withdrawal of corruption cases against the politicians, and his quest to get elected in uniform. This article is an attempt to provide a first-hand data-driven account of the economic record of the period 2000-2008. Pakistan suffered serious setbacks in the 1990s in terms of most economic and social indicators. Economic growth rates decelerated, inflation rose to peak rates, debt burden escalated substantially, macroeconomic imbalances widened and worst of all, the incidence of poverty almost doubled. Pakistan’s credibility in the international financial community was at its lowest ebb as successive agreements concluded with the International Financial Institutions (IFIs) were not implemented. Foreign investors were unhappy as all the power purchase agreements were being re-examined and criminal action was initiated against the Hub Power Company (HUBCO).

Publication Source

South Asia Magazine

Publication Date

3-2023

Pages

1-6

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