Guest Post by Dr. Tariq Naeem
General Musharraf took over the reigns of power in 1999 from Nawaz Sharif with the Pakistan economy on the verge of bankruptcy. So desperate was the situation Nawaz Sharif toured the world visiting Pakistanis with a begging bowl requesting them to invest in Pakistan due to the sanctions imposed on Pakistan for carrying out nuclear tests. Incoherent, short-term policies had resulted in a minority of people benefiting immensely, who incidentally were directly linked to the Sharif family.
Both the IMF and the World Bank have consistently praised the Musharraf government for solid macroeconomic recovery and saving the Pakistan economy from the brink of economic collapse. They cite the $128bn generated under his tenure. Many commentators are eager to explain that the Musharraf government has made substantial macroeconomic reforms since taking over the economy in 1999. The argument of the few Musharraf loyalists being that he has brought a degree of stability to Pakistan that the country never knew under civilian rule.
Part 1 of this two part series will assess this claim and analyse the current state of Pakistan’s economy which shows it is in a far more precarious position:
Continue reading “Musharraf’s Economic Deception – Part 1” »