In 1999, Pervez Musharraf commandeered control of a country that was in economic and political peril. By the time he was forced out of office in 2007, he was leaving the country at the beginning of another major crisis. In the years between, Pakistan saw an unprecedented boom and record levels of growth.
More than anything else, it is the dissonance between the prosperous middle years of the Musharraf era and the disastrous end that blurs the economic legacy of his administration. The reality is that between 2002-06 General Musharraf had the good fortune of being at the helm of a country that had found the favour of the United States and other western powers.
Pakistan’s role in the war on terror meant that the dollars were flowing freely and there was a rare opportunity to fix the structural ills that plagued our economy and build lasting institutions. With virtually no political opposition to his rule, this was a golden opportunity. And Musharraf fumbled it. Note: Access to the full article is limited to paid subscribers only. If you are already a paid subscriber, please Login here Otherwise, you can choose to purchase a subscription package below for as low as Rs 275/month:
Pakistan’s role in the war on terror meant that the dollars were flowing freely and there was a rare opportunity to fix the structural ills that plagued our economy and build lasting institutions.
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World Bank Country Director Najy Benhassine said the real crisis of Pakistan is one of human capital. Referring to the stunting rate of roughly 40 per cent among children under five years of age as well as 20 million out-of-school kids, he said the possibility of long-term growth in Pakistan is minimal.
He called for increasing taxes on property transactions, especially in Karachi, based on market value. The “huge” funds raised through such taxes should then be deployed to improve urban infrastructure, he said.
Mr Benhassine spoke passionately about doing away with import restrictions. A 10pc increase in the import tariff increases the profit margin of a domestic company working for the domestic market by as much as 40pc, he said. “Why would you export if you’re protected? Why wouldn’t you put all your money in real estate if it isn’t taxed?” he said.
This is how a state is built. Musharraf was a time waster like Ayub, Yahya, Zia and Bajwa. None of these had a chance or any good that would have come through the barrel of guns.
Pervez Musharraf commandeered control of a country that was in economic and political peril. By the time he was forced out of office in 2007, he was leaving the country at the beginning of another major crisis.
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