What factors created a climate conducive for reforms in Pakistan in 1988?
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Reforms in Pakistan in 1988:
- Pakistan followed a protectionist policy which combined tariff protection for manufacturing of consumer goods and controls on imports. The green revolution changed the agrarian structure and the 1970s and 1980s saw a thrust on denationalisation and privatisation. As debt piled up, the country's credit rating plummeted.
- Meanwhile, the economy started to stagnate, suffering from the drop in remittances from the Middle-East. A growth rate of over 5% in the 1980s could not be sustained and the budget deficit increased steadily. Foreign exchange reserves were as low as 2 weeks of imports on many different occasions.
- It was in 1988 that the first main loan package was signed, based on a need to combat a rapidly growing budget deficit and declining remittances from the Middle-East.
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