Economic Management in Pakistan, 1999-2002

"This book provides the rationale for the economic policies developed and followed by the military government in the period between October 1999 and September 2002. Prior to the military takeover in October 1999, the economy of Pakistan was in dire difficulties. Trapped in debt, the first and foremost priority of the new government was to initiate a programme that could bring about macroeconomic stability and a sustainable solution to the external debt program." "The situation was further compounded by the four exogenous shocks that hit the economy - the prolonged drought with the resultant shortage of irrigation water for agriculture, the 11 September attacks on the World Trade Centre, the tensions with India and the mobilization of forces on the borders, and finally the terrorist attacks on foreign nationals in Karachi. Despite these setbacks, compounded by global recession, the economic policies of the government and some favourable circumstances managed to help the country achieve macroeconomic stability. This included a reduction of the fiscal deficit, lower inflation rates, a decline in interest rates, a surplus in current account and a stable exchange rate. The removal of economic sanctions, the diversion of remittances through the banking channels, the reprofiling of bilateral debt and the resumption of assistance by the US eased some of the external constraints." This book is a study of how this was achieved.


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