Musharraf Era: Pakistan Flourishes
Compiled By: Mirza Rohail B
©Our leader – Musharraf http://presidentmusharraf.wordpress.com/ All this is all the more amazing when one considers that just six years ago, Pakistan was on the verge of bankruptcy, with only a little more than $1bn in foreign exchange reserves and its stock market teetering at 1,000 points (worth $5 billion only) and foreign debt servicing at 65% of GDP. Our exports were at a pitiful $7.5 billion.
The once ever-declining rupee stood stable at around 60-61 to a dollar since Musharraf took over. Of the 184 member countries of the IMF, Pakistan’s rate of economic growth 7% is one of the best in the world. The Karachi stock market is now above 13,000 points and worth around $65 billion. Now foreign debt servicing has lowered to become 28%. Our exports increased to become $18 billion.
1. Pakistan economy is among the fastest growing economies in the world as its economy has reached the size of $170 billion from a mere $70 billion in 1999. Pakistan attracted a record FDI of $8.6 billion in 2007-08.
2. 2007: National revenues had swelled from Rs 308 billion during 1988-99 to around Rs 800bn in 2007; and FBR estimates now 2.8 million Income Tax payers.
Year Total CBR Direct Indirect Custom Sales Central excise
1998-99 308.5bn 110.4bn 198.1bn 65.3bn 72bn 60.8bn
2005-06 712.5bn 224.6bn 487.9bn 138.2bn 294.6bn 55bn
2008-09 810.3bn 305bn – 105.3bn 319.3bn 80.5bn (2008-09 Progressive)
3. Public sector development program (PSDP) has also grown from Rs 80 billion in 1999; to Rs 520 billion in 2007 and increased further to Rs 549.7 billion in 2008.
4. FACT: The rate of growth in Pakistan Large Scale Manufacturing (LSM) is at a 30-year high. Construction activity is at a 17-year high.
LSM: 1999-00 was 1.5% and 2004-05 was 19.9% and 2006-07 was 8.6% and 2007-8 is 5%.
©Our leader – Musharraf http://presidentmusharraf.wordpress.com/ All this is all the more amazing when one considers that just six years ago, Pakistan was on the verge of bankruptcy, with only a little more than $1bn in foreign exchange reserves and its stock market teetering at 1,000 points (worth $5 billion only) and foreign debt servicing at 65% of GDP. Our exports were at a pitiful $7.5 billion.
The once ever-declining rupee stood stable at around 60-61 to a dollar since Musharraf took over. Of the 184 member countries of the IMF, Pakistan’s rate of economic growth 7% is one of the best in the world. The Karachi stock market is now above 13,000 points and worth around $65 billion. Now foreign debt servicing has lowered to become 28%. Our exports increased to become $18 billion.
1. Pakistan economy is among the fastest growing economies in the world as its economy has reached the size of $170 billion from a mere $70 billion in 1999. Pakistan attracted a record FDI of $8.6 billion in 2007-08.
2. 2007: National revenues had swelled from Rs 308 billion during 1988-99 to around Rs 800bn in 2007; and FBR estimates now 2.8 million Income Tax payers.
Year Total CBR Direct Indirect Custom Sales Central excise
1998-99 308.5bn 110.4bn 198.1bn 65.3bn 72bn 60.8bn
2005-06 712.5bn 224.6bn 487.9bn 138.2bn 294.6bn 55bn
2008-09 810.3bn 305bn – 105.3bn 319.3bn 80.5bn (2008-09 Progressive)
3. Public sector development program (PSDP) has also grown from Rs 80 billion in 1999; to Rs 520 billion in 2007 and increased further to Rs 549.7 billion in 2008.
4. FACT: The rate of growth in Pakistan Large Scale Manufacturing (LSM) is at a 30-year high. Construction activity is at a 17-year high.
LSM: 1999-00 was 1.5% and 2004-05 was 19.9% and 2006-07 was 8.6% and 2007-8 is 5%.