Article Type

Article

Description

President Musharraf assumed power in October 1999 under difficult circumstances when Pakistan was already facing sanctions for nuclear testing, further compounded by sanctions against the military takeover. External liquidity had dried up due to the freezing of foreign currency deposits in May 1998. The new government assigned priority to debt restructuring and reforms in taxation, trade, the financial sector, privatization of state-owned enterprises, and deregulation of private businesses. This article provides a first-hand, data-driven account of Pakistan's economic record during 2000-2008, demonstrating that sustained economic growth was possible because a strong government mobilized domestic resources and ensured they were utilized productively.

Publication Source

SouthAsia

Publication Date

8-1-2022

Pages

14-16

Notes

Published as part of the Cover Story section of SouthAsia magazine, August 2022. The writer bio states he was Governor of the State Bank of Pakistan, also served as Dean of the IBA, recently held a cabinet position, and has authored several books. IH0011

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