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| EconomyOfPakistan » » Economic History |
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Economic History of Pakistan |
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Pakistan’s economy was in total chaos when the military regime took over. The country was heavily dependent on foreign loans to meet its deficit repayment obligations, with 56 percent of the budget going towards debt servicing. Foreign exchange reserves were a mere $1.45 billion; the IPP embroilment had put a huge gouge on foreign investment and Pakistan was yet to receive money from IMF. Check out our website for more information on the Economic History of Pakistan.
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There were certain problems that the Pakistan economy faced, such as low domestic savings, narrow tax base, and lack of tax culture. Pakistan always had a low rate of savings. Nearly 85 percent of its investments came from abroad through foreign aid, loans and foreign direct investment. Low domestic savings leads to low investment, which resulted in low economic growth. Pakistan needed investment at 20 percent to reach an annual growth of over 6 percent to meet the demands of the population. Know more about the Economic History of Pakistan from our website, economyofpakistan.com.
Log onto our website,economyofpakistan.com,for more information on the Economic History of Pakistan.
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