Summary
Two recent developments underscored how far Pakistan has come in strengthening its international financial position: A premature termination of its IMF pact, and an impending sale of Islamic bonds that will, no doubt, be well-received by investors. Officials expect real GDP growth to finish at between 6.5 percent and 7.0 percent in the current financial year (through next June), up from 6.4 percent in fiscal 2003. The nation's key textile businesses have invested a reported USD 6 billion since the start of 2003 to gear up for the impending termination of the global quota regime and are, thus, well-positioned to take advantage. To boot, the government predicts a cotton crop of up to 12 million bales (of 375 pounds), which would be about 12 percent larger than the last harvest.
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Two recent developments underscored how far the country has come in strengthening its international financial position: A premature termination of its IMF pact, and an impending sale of Islamic bonds that will, no doubt, be well-received by investors. Late in November, Prime Minister Shaukat Aziz announced his government's decision to end, ah...
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