pakistan's economy and the role of imf and world bank

8/14/2019 Pakistan's Economy and the Role of IMF and World Bank

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TABLE OF CONTENTS

SR.NO.

TOPICS PAGE NO.

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

Economy of Pakistan

History of Pakistans economy

The economy today

Factors effecting economy

Sectors of Pakistans economy

World bank

International monetary fund

Difference between imf & world bank

Imf assistance to Pakistan

World bank assistance to Pakistan

Suggestion

bibliography

3

3

5

6

9

13

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14

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Nauman ayubi


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First of all we should understand Pakistans economy and on what factors it

depends. In that we can easily understand the role of IMF and World Bank on our

economy.

Economy of Pakistan

The economy of Pakistan is the 27th largest economy in the world in terms

ofpurchasing power, and the 48th largest in absolute dollar terms.Pakistan is thesecond largest economy inSouth Asia. Pakistan's economy mainly encompasses,

Textiles

Chemicals

Food processing

Agriculture

and other industries.

Economic History

At the time of independence in 1947, Pakistan was a very poor country and its

economy majorly depends on agriculture. Since independence, Pakistan'saverage economic growth rate has been higher than the average growth rate of the

world economy during the period. Average annual was 6.8% in the 1960s, 4.8% in

the 1970s, and 6.5% in the 1980s. Average annual growth fell to 4.6% in the 1990s

with significantly lower growth in the second half of that decade. Industrial-sector

growth, including manufacturing, was also above average. During the 1960s,

Pakistan was seen as a model of economic development around the world, and

there was much praise for its economic progression.

The table which gives every five years progress of GDP, US Dollar Exchange Rate,

Inflation Index, and Per Capita Income is given on the next page.

Nauman ayubi
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)http://en.wikipedia.org/wiki/Purchasing_power_parityhttp://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)http://en.wikipedia.org/wiki/South_Asiahttp://en.wikipedia.org/wiki/Textileshttp://en.wikipedia.org/wiki/Chemicalshttp://en.wikipedia.org/wiki/Food_processinghttp://en.wikipedia.org/wiki/Agriculturehttp://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)http://en.wikipedia.org/wiki/Purchasing_power_parityhttp://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)http://en.wikipedia.org/wiki/South_Asiahttp://en.wikipedia.org/wiki/Textileshttp://en.wikipedia.org/wiki/Chemicalshttp://en.wikipedia.org/wiki/Food_processinghttp://en.wikipedia.org/wiki/Agriculture


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Year Gross DomesticProduct

US Dollar Exchange Inflation Index(2000=100)

Per CapitaIncome

(as % of USA)

1960

20,058 4.76 Pakistani Rupees 3.37

1965


1970


1975


197

8

283,460 9.97 Pakistani Rupees 21 2.83

1985

569,11416.28 PakistaniRupees

30 2.07

1990

1,029,09321.41 PakistaniRupees

41 1.92

1995

2,268,461 30.62 PakistaniRupees

68 2.16

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Revenue collection Rs. 305 billion Rs. 708 billion Rs. 990 billionRs. 1.05trillion

Foreign reserves $ 700 million $ 16.4 billion $ 10 billion $ 14 billion

Exports $ 7.5 billion $ 18.5 billion $ 19.22 billion$ 18.45billion

Indicator 1999 2007 2008 2009

Textile Exports $ 5.5 billion $ 11.2 billion - -

KHI stock exchange(100-Index)

$ 5 billion at700 points

$ 75 billion at14,000 points

$ 56 billion at9,000 points

Foreign DirectInvestment

$ 1 billion $ 8.4 billion $ 5.19 billion $ 4.6 billion

Debt servicing 65% of GDP 26% of GDP - -

Poverty level 34% 24% - -

Literacy rate 45% 53% - -

Development programs Rs. 80 billion Rs. 520 billion Rs. 549.7 billion

Rs. 880

billion

Factors affecting economy

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2007-08 5%

Finance:

Pakistans finance and insurance sectordepartment also showed a

great development from 2000. In 2005, it is at Rs.311, 741 million. It shows agrowth of 166% since 2000.

Stock market:

Business Week the international magazine declaredPakistans stock market, the best performing stock market index in theworld, in the first four years of 21st century. But in 2008, there is a greatdecline in Pakistans economy due to uncertain political environment andmany other reasons.

Tourism:

Pakistan has diverse cultures, people and landscapes. Tourism in

Pakistan is a growing industry.To promoting Pakistans unique and various culturalheritages, PM launch "Visit Pakistan" marketing campaign in 2007. In 2009, TheWorld Economic Forums Travel & Tourism Competitiveness Report ranks Pakistanas one of the top 25% tourist destinations for its World Heritage sites. Somefamous tourist spots are shown below,

K2, world's second-

highest mountain, in

northern

Damn-e Koh Park in

Islamabad

DHA Marina Club in KarachiThe Badshahi mosque in

Lahore epitomizes the beauty,

passion and grandeur of the Mughal

era.

Badshahi Masjid at night in

Lahore

A Daewoo Express coach on

a Motorway of Pakistan

The Shalimar gardens of

Lahore are a UNESCO world

heritage site

Nauman ayubi
http://en.wikipedia.org/wiki/Tourism_in_Pakistanhttp://en.wikipedia.org/wiki/Tourism_in_Pakistanhttp://en.wikipedia.org/wiki/K2http://en.wikipedia.org/wiki/List_of_highest_mountainshttp://en.wikipedia.org/wiki/List_of_highest_mountainshttp://en.wikipedia.org/wiki/Badshahi_mosquehttp://en.wikipedia.org/wiki/Badshahi_Masjidhttp://en.wikipedia.org/wiki/UNESCO_world_heritage_sitehttp://en.wikipedia.org/wiki/UNESCO_world_heritage_sitehttp://en.wikipedia.org/wiki/File:Shalamar_Garden_July_14_2005-South_wall_pavilion_with_fountains.jpghttp://en.wikipedia.org/wiki/File:Daewoo_Express.jpghttp://en.wikipedia.org/wiki/File:Badshahi_Masjid_at_night_on_July_20_2005.jpghttp://en.wikipedia.org/wiki/File:Badshahi_Mosque_July_1_2005_pic32_by_Ali_Imran_(1).jpghttp://en.wikipedia.org/wiki/File:DHA_Marina_Club.jpghttp://en.wikipedia.org/wiki/File:Damn-e_Koh_Park_in_Islamabad.jpghttp://en.wikipedia.org/wiki/File:K2fromBroadPeakBaseCamp.jpghttp://en.wikipedia.org/wiki/Tourism_in_Pakistanhttp://en.wikipedia.org/wiki/Tourism_in_Pakistanhttp://en.wikipedia.org/wiki/K2http://en.wikipedia.org/wiki/List_of_highest_mountainshttp://en.wikipedia.org/wiki/List_of_highest_mountainshttp://en.wikipedia.org/wiki/Badshahi_mosquehttp://en.wikipedia.org/wiki/Badshahi_Masjidhttp://en.wikipedia.org/wiki/UNESCO_world_heritage_sitehttp://en.wikipedia.org/wiki/UNESCO_world_heritage_site


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Revenue:

The income of a government from taxation, excise duties,customs, or other sources, appropriated to the payment of the public expenses.

The Board of Revenue has collected nearly one trillion Rupees ($14.1 billion) in

taxes in the 2007-2008.

Sectors of Pakistan economy

Agriculture: Pakistan ranks fifth in the Muslim world and twentiethworldwide in farm output. About 25% of Pakistan's total land area is undercultivation and is watered by one of the largest irrigation systems in the world.Agriculture accounts for about 23% of GDP and employs about 44% of the laborforce. Zarai Taraqiati Bank Limited is contributing a lot in our agriculture sector.

Industry: Pakistan ranks forty-first in the world and fifty-fifth worldwide in

factory output. Pakistan's industrial sector accounts for about 24% of GDP.Cottontextile production and apparel manufacturing are Pakistan's largest industries,accounting for about 66% of the merchandise exports and almost 40% of theemployed labour force. Merchandise exports mean export of goods not services.Other major industries include cement, fertilizer, edible oil, sugar, steel, tobacco,chemicals, machinery, and food processing.

Automobile industry:

Pakistan is an emerging market for automobiles andautomotive parts. The total contribution of Auto industry to GDP in 2007 is 2.8%.

Auto sector presently, contributes 16% to the manufacturing sector which also is

expected to increase 25% in the next 7 years. But in my opinion this predictioncant be correct due to high inflation and shortage of CNG.

CNG industry:

Compressed Natural Gas (CNG) is a substitute for gasoline

(petrol) or diesel fuel. It is considered to be an environmentally clean alternative

Nauman ayubi
http://en.wikipedia.org/wiki/Board_of_Revenuehttp://en.wikipedia.org/wiki/List_of_countries_by_GDP_sector_compositionhttp://en.wikipedia.org/wiki/Muslim_worldhttp://en.wikipedia.org/wiki/Zarai_Taraqiati_Bank_Limitedhttp://en.wikipedia.org/wiki/List_of_countries_by_GDP_sector_compositionhttp://en.wikipedia.org/wiki/Board_of_Revenuehttp://en.wikipedia.org/wiki/List_of_countries_by_GDP_sector_compositionhttp://en.wikipedia.org/wiki/Muslim_worldhttp://en.wikipedia.org/wiki/Zarai_Taraqiati_Bank_Limitedhttp://en.wikipedia.org/wiki/List_of_countries_by_GDP_sector_composition


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whether 'foreign direct investment' in another country is actually profitable for the

parent firm.

Total number of IT companies registered with PSEB 1306

Number of substantial IT companies region-wisebreakup

445 Karachi

351 Islamabad/Rawalpindi426 Lahore84 Others

Total number of foreign IT and telecommunicationcompanies working in Pakistan

60

Total industry sizeUS$ 2.8 billion (WTO-prescribedformula)

IT and IT-enabled services exportsUS$ 1.4 billion (WTO-prescribedformula)

Percent growth in exports over the last one year 61%

Number of IT graduates produced per year Approximately 20,000Export targets for the current fiscal year 2007-2008 US$ 162 million

Textiles:

Pakistans textile industry and clothing sector has always been a

major contributor to the foreign exchange earning and still contributes about 55% to

the total exports.

Textile exports in 1999 were $5.2 billion and rose to become $10.5 billion by 2007.

Textile exports managed to increase at a very decent growth of 16% in 2006. There

is development in other sectors and exports of other sectors increases therefore

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Warid (Parent: Abu Dhabi Group / SingTel, UAE/Singapore

Zong (Parent: China Mobile, China)

Electricity:

Installed capacity

Electricity - total installed capacity: 19,505 MW (2007)

Electricity - Sources (2007)

Fossil fuel - 12,580 MW - 65% of total

Hydro - 6,463 MW - 33% of total

Nuclear - 462 MW - 2% of total

Pakistan is facing a serious shortage of electricity. We should make more dams,

nuclear plants, and we have large coal reserves so we should depend on coal and

finally we can make solar plants for producing electricity.

Exports:

Pakistan's exports increased more than 100% from $7.5 billion in 1999 to stand at

$18 billion in the financial year 2007-2008. Pakistan

exports rice, furniture, cotton fiber, cement, tiles, marble, textiles, clothing, leatherg

oods, sports goods, surgical instruments,electrical appliances, software, carpets,rugs, ice cream, livestock

meat, chicken, powdered milk, wheat, seafood, vegetables, processed food items,

Pakistani assembled Suzukis (to Afghanistan and other

countries), defense equipment, salt, marble, onyx, engineering goods, and many

other items. Pakistan now is being very well recognized for producing and

exporting cements in Asia and Mid-East.

Imports:

Pakistan's imports stood at $30.54 billion in the financial year 2006-

2007. Pakistan's single largest import category is petroleum and petroleumproducts. Other imports include: industrial machinery, construction machinery,

trucks, automobiles, computers, computer parts, medicines, pharmaceutical

products, food items, civilian aircraft, defense equipment, iron, steel, toys,

electronics, and other consumer items.

Nauman ayubi
http://en.wikipedia.org/wiki/Waridhttp://en.wikipedia.org/wiki/SingTelhttp://en.wikipedia.org/wiki/Zonghttp://en.wikipedia.org/wiki/China_Mobilehttp://en.wikipedia.org/wiki/Ricehttp://en.wikipedia.org/wiki/Furniturehttp://en.wikipedia.org/wiki/Cottonhttp://en.wikipedia.org/wiki/Fiberhttp://en.wikipedia.org/wiki/Cementhttp://en.wikipedia.org/wiki/Tilehttp://en.wikipedia.org/wiki/Marblehttp://en.wikipedia.org/wiki/Textilehttp://en.wikipedia.org/wiki/Clothinghttp://en.wikipedia.org/wiki/Leatherhttp://en.wikipedia.org/wiki/Surgical_instrumenthttp://en.wikipedia.org/wiki/Home_appliancehttp://en.wikipedia.org/wiki/Softwarehttp://en.wikipedia.org/wiki/Carpethttp://en.wikipedia.org/wiki/Rughttp://en.wikipedia.org/wiki/Chickenhttp://en.wikipedia.org/wiki/Powdered_milkhttp://en.wikipedia.org/wiki/Wheathttp://en.wikipedia.org/wiki/Seafoodhttp://en.wikipedia.org/wiki/Vegetableshttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Defense_(military)http://en.wikipedia.org/wiki/Engineeringhttp://en.wikipedia.org/wiki/Petroleumhttp://en.wikipedia.org/wiki/Waridhttp://en.wikipedia.org/wiki/SingTelhttp://en.wikipedia.org/wiki/Zonghttp://en.wikipedia.org/wiki/China_Mobilehttp://en.wikipedia.org/wiki/Ricehttp://en.wikipedia.org/wiki/Furniturehttp://en.wikipedia.org/wiki/Cottonhttp://en.wikipedia.org/wiki/Fiberhttp://en.wikipedia.org/wiki/Cementhttp://en.wikipedia.org/wiki/Tilehttp://en.wikipedia.org/wiki/Marblehttp://en.wikipedia.org/wiki/Textilehttp://en.wikipedia.org/wiki/Clothinghttp://en.wikipedia.org/wiki/Leatherhttp://en.wikipedia.org/wiki/Surgical_instrumenthttp://en.wikipedia.org/wiki/Home_appliancehttp://en.wikipedia.org/wiki/Softwarehttp://en.wikipedia.org/wiki/Carpethttp://en.wikipedia.org/wiki/Rughttp://en.wikipedia.org/wiki/Chickenhttp://en.wikipedia.org/wiki/Powdered_milkhttp://en.wikipedia.org/wiki/Wheathttp://en.wikipedia.org/wiki/Seafoodhttp://en.wikipedia.org/wiki/Vegetableshttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Defense_(military)http://en.wikipedia.org/wiki/Engineeringhttp://en.wikipedia.org/wiki/Petroleum


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World Bank

The first thing comes to my mind is that what is World Bank and what is the

purpose of World Bank. The World Bank is one of the worlds largest sources of

funding and knowledge to support governments of member countries in their efforts

to invest in schools and health centers, provide water and electricity, fight disease

and protect the environment. The World Bank is an international organization

owned by the 184 countries. It is not a bank.

International monetary fund

The International Monetary Fund (IMF) is an organization of 186 countries, working

to help the development of global monetary cooperation, secure financial stability,

facilitate international trade, promote high employment and sustainable economic

growth, and reduce poverty around the world.The IMF works to help developmentof global growth and economic stability. It provides policy advice and financing to

members, in economic difficulties and also works with developing nations to help

them achieve macroeconomic stability and reduce poverty.

The IMF's fundamental mission is to help ensure stability in the international

system. It does so in three ways: keeping track of the global economy and the

economies of member countries; lending to countries with balance of payments

difficulties; and giving practical help to members.

Difference between imf & world bank

People sometimes confuse the World Bank with the International Monetary Fund(IMF). Although the IMFs functions complement those of the World Bank, it is atotally separate organization. While the World Bank provides support to developingcountries, the IMF aims to stabilize the international monetary system and monitorsthe worlds currencies.

Imf assistance to PakistanWhen IMF is advancing loans to their members, they not only analyze the

economic conditions of their members but the borrower will also have to frame its

policies in the light of directions given by IMF authorities.

Nauman ayubi


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The question in my mind is that when and how much was lent to Pakistan by IMF.

And what were the conditions imposed by IMF and what were the consequences of

these loans.

Pakistan joined IMF on 11th July, 1950. IMF is providing financial assistance to

Pakistan since 1952. According to 1977 statistics, Pakistan borrowed 1193 milliondollars from IMF. Since 1980, the fund has made four main agreements with

Pakistan as,

1. In November,1980

2. In December, 1988

3. In February, 1994

4. In July, 1997

1. THE AGREEMENT OF 1980:

Under this agreement, IMF provided $1.7 billion

for the period of 1980-83. The biggest condition against this loan was to reduce the

fiscal deficit. For this purpose they asked the Government to increase the prices of

public enterprises like fertilizers, cement, electricity, clean water, educational and

health services. The indirect taxes should increase and subsidies should be

withdrawn. But the budget deficit in 1980-81 was 5.8% of GDP went to 9.1% in

1985-86. When Government of Pakistan again asked IMF for assistance, they

showed dissatisfaction over our efforts to reduce fiscal deficit. Accordingly, IMF

prepared a package of policies for Pakistan and chalked-out a time-table for the

required changes. IMF set the following conditions for Pakistan:

1. Rupee be devalued by 20% in terms of dollar

2. The imports be liberalized

3. Prices should increase and subsides be withdrawn

4. The custom duty on imports be decreased and sales and exercise duty

be imposed in the country

5. The industrial sector is liberalized from govt. controls through de-

regulations and privatization.


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During the period of 1988-91, IMF gave the

assistance of $900 million to Pakistan in order to remove the deficit in BOP by

redressing structural problems. According to this agreement:

1. The current account deficit of BOP which was 4% of GNP in 1987 was to be

reduced to 3.3% of GNP in 1988-89, 2.7% in 1989-90, and 2.5% of GNP in1990-91.

2. The foreign debt burden which was 31% of GNP in 1987 would be

decreased to 25% in 19990-91.

3. The overall fiscal deficit of federal and provincial govt. which was 8.5% of

GDP in 1986-87 would be reduced to 4.8% of GDP in 1990-91.

4. The bank borrowings be reduced to 1% of GDP, while non-bank borrowings

to 3.6% of GDP.

5. The tax structure will be changed. The tax-base will be expanded and tax

collection system will be improved.

6. The system of general sales tax will be introduced.

7. The federal and provincial govt. will control their expenditures, while the

price of social services will be increased.

The main objective of this agreement was to reduce fiscal deficit. But the govt.

failed to meet these conditions. The budget deficit which was 8.7% of GDP in 1990-

91 decreased to 8% GDP in 1992-93. This means that the budget deficit could notbe decrease appreciably.


The aim of this agreement was to reduce the

financial deficit to 4% of GDP in 1994-95 and to 3% of GDP in 1995-96. But this

agreement was renegotiated in December, 1995. As a result, this target was set at

5% of GDP for 1994-95 and 4% for 1995-95. In this agreement IMF stressed upon

early conditions. As the price of gas, electricity, water, education and health

services should be increased.

The govt. of Pakistan made some efforts but little success was attained. The

budget deficit was 5.8% of GDP in 1994-95 and the target for 1995-96 was set at

5% of GDP. This led to create a suspension in the attainment of loan of $1.4 billion

could be raised. Then the govt. of Pakistan failed to complete the conditions of IMF.

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The IMFs Executive Board agreed to increase lending to

Pakistan by an extra $3.2 billion to fund priority spending and help the government

provide assistance to nearly three million people displaced by military operations

and a difficult security situation.

The Board reviewed progress under a $7.6 billion Stand-By Arrangement forPakistan that was agreed in November last year. During the August 7 discussion,

Directors agreed to increase lending by $3.2 billion, after a request from the

Pakistan government to meet the countrys increased balance of payments needs

resulting from higher oil prices.

EFFECTS OF IMF PROGRAMES:

IMF authorities think that the problem of

Pakistan increased because of non-compliance with the IMF programs. But it is not

true. The IMF program has led to increase the charges of gas, electricity, petrol andtelephone. The imposition of sales tax and cut in tariff rates on the advice of IMF

has greatly affected the incomes of the poor and middle class earners. They have

widened the gaps between the incomes. The absolute poverty has increased which

has promoted unsocial activities. But this is not all because of IMF, we are

responsible for it. If our fiscal deficit and trade deficit decreases then we should not

go to IMF for financing. But we should be prepared to pay more in the form of taxes

and reduces imports; particularly oil etc, the dependence on IMF may go down.

World Bank assistance to Pakistan

They are supporting reforms at both the federal and provincial level.

For encouraging growth, investment, and employment generation,the Federal and

Provincial Governments have been implementing various reform programs. In June

2007, the World Bank approved a US$350 million to support ongoing

implementation of the Government's Poverty Reduction Strategy. At the provincial

level, the Bank approved operations worth US$430 million for Punjab, Sindh and

the North West Frontier Province to help improve irrigation, education and human

development indicators.

They are working with Pakistan Poverty Alleviation Fund to bringdifference in the lives of poor.

The World Bank funded Pakistan Poverty Alleviation Fund Project (PPAF) isdesigned to reduce poverty and empower the rural and urban poor in Pakistanthrough the provision of resources and services to the poor, especially women.This is being achieved through an integrated approach that includes building

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institutions of the poor and then providing them with micro-credit loans; grants forsmall scale infrastructure projects; training and skill development and social sectorinterventions. The program is impacting over 10 million people. PPAF has issued1.5 million micro-credit loans, (average loan-size US$ 150), benefiting nearly 9million people.

They are helping the victims of the Earthquake.The October 2005 earthquake in Pakistan destroyed or damaged around 575,000

rural houses, and rendering over 3 million people without shelter in North West

Frontier Province (NWFP) and Azad Jammu and Kashmir (AJ&K). In response, the

government created the Earthquake Relief and Reconstruction Authority (ERRA)

and launched an ambitious US$1.5 billion owner-driven rebuilding program -

largely suited to the mainly rural affected population. It is partially funded by World

Bank.

They are working with the government to improve education

outcomes.

The World Bank is providing assistance to the Government of Pakistan in

education reforms, at both the national and the provincial level. This support is

provided through development policy operations with a strong focus on primary and

secondary education. These programs target increasing participation of girls and

children from poorer houses. The World Bank is also assisting the government in

improving the quality and relevance of its higher education and technical and

vocational training system. They have a strong focus on improving the quality of

education.

They are joining with international partners to help Pakistan fight polio.

They approved two projects US$42.71 million in 2003 and US $ 74.27 million in

2006 for Pakistan to purchase the oral polio vaccine.The loan to Pakistan will help

the countrys Polio Eradication Initiative which aims to make Pakistan a Polio free

country. Since 1997 the number of polio cases has decreased from 1147 to 31 in

2007. The first project has been successfully completed.

They are focusing on un-served and underserved low-income

communities.

In NWFP and AJK, Bank projects are supporting delivery of cost effective and

sustainable community development schemes, and basic infrastructure and

services. To achieve this, the role and capabilities of local governments at the

district and lower levels have been strengthened. In AJK, the project has already

reached a population of 893,000 against the original target of 830,000, through 320

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Suggestion

Pakistan is a country having many natural resources in it. We should be selfsufficient, we should rely on ourselves. Sincerity is the key to success so we should

be sincere with our country and work hard for its development. If we have financial

crisis, we should not beg for aid from IMF and World Bank or any other

organization, but we can handle the problem by relying on ourselves. We should

pay more taxes and we should try to remove corruption from every department of

our beloved homeland. The government should make such opportunities that

foreign investment is attracted towards us. By applying these things we dont need

to depend on IMF and World Bank.

__________________________________________________________________

____

BIBLOGRAPHY

http://economicpakistan.wordpress.com

http://www.worldbank.org.pk/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/PAKISTANEXTN/0

www.wikipedia.com

www.imf.org

www.encyclopedia.com

http://www.uiowa.edu/ifdebook/ebook2/contents/part1-II.shtml#A

http://www.imf.org/external/pubs/ft/

www.finance.gov.pk/

http://www.britannica.com/

Nauman ayubi
http://economicpakistan.wordpress.com/http://www.worldbank.org.pk/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/PAKISTANEXTN/0http://www.worldbank.org.pk/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/PAKISTANEXTN/0http://www.wikipedia.com/http://www.imf.org/http://www.uiowa.edu/ifdebook/ebook2/contents/part1-II.shtml#Ahttp://www.imf.org/external/pubs/ft/http://www.finance.gov.pk/http://www.britannica.com/http://economicpakistan.wordpress.com/http://www.worldbank.org.pk/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/PAKISTANEXTN/0http://www.worldbank.org.pk/WBSITE/EXTERNAL/COUNTRIES/SOUTHASIAEXT/PAKISTANEXTN/0http://www.wikipedia.com/http://www.imf.org/http://www.uiowa.edu/ifdebook/ebook2/contents/part1-II.shtml#Ahttp://www.imf.org/external/pubs/ft/http://www.finance.gov.pk/http://www.britannica.com/


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http://www.dailytimes.com.pk/default.asp?page=2010\01\22\story_22-1-

2010_pg5_3

http://www.thenews.com.pk/top_story_detail.asp?Id=18119

International Economic by Hameed Shahid, (chap 12, international monetaryarangements)

World development indicators, Volume 2006,By World Bank, World Bank.International Economics Dept. Development Data Group

________________________________________________________

____

Nauman ayubi
http://www.dailytimes.com.pk/default.asp?page=2010%5C01%5C22%5Cstory_22-1-2010_pg5_3http://www.dailytimes.com.pk/default.asp?page=2010%5C01%5C22%5Cstory_22-1-2010_pg5_3http://www.thenews.com.pk/top_story_detail.asp?Id=18119http://www.dailytimes.com.pk/default.asp?page=2010%5C01%5C22%5Cstory_22-1-2010_pg5_3http://www.dailytimes.com.pk/default.asp?page=2010%5C01%5C22%5Cstory_22-1-2010_pg5_3http://www.thenews.com.pk/top_story_detail.asp?Id=18119

pakistan's economy and the role of imf and world bank

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