Streaming Media

Media Type

Keynote Address

Publication Date

5-28-2005

Description

The major recurring themes in the popular discussion on the economy have been shifting over the last six years. In the earlier years of the Musharraf period it was widely believed that the country was going to default on its external obligations. When this did not happen there was a loud consensus that Pakistan would not be able to comply with the stringent conditionalities of the IMF and would, sooner or later, get off the track. Since the country successfully completed the programme, the concern was raised that we had emphasized too much on macroeconomic stabilization such as large foreign exchange reserves while growth rates remained quite weak. Now that the growth rates have risen consecutively for the last three years, there is an anxiety that the benefits of growth are confined to a small minority of the population and are not being shared widely.

Notes

Presidential Address at the Pre-Budget Seminar held by Pakistan Observer at Islamabad on May 28, 2005

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