FINANCE MINISTER SHAUKAT Aziz is bullish. "Pakistan is on a roll," he proclaims. "The economic situation is looking better by the day and the country is on an accelerated growth path."
The economic team put in place after General Pervez Musharraf seized power five years ago in a bloodless coup has achieved a remarkable turnaround. GDP growth for the financial year ended June 30 is expected to nudge 6%, per capita income is forecast to rise from $450 to $600 and industrial output is up by a record 15%. Exports are ahead by about the same percentage as output, private sector credit has increased threefold, and foreign reserves have soared to $12.5 billion, more than 10 times the 1999 level.
"This is the best macroeconomic picture we have seen since Pakistan was created 55 years ago," says Sirajuddin Aziz, senior executive vice-president of Bank Alfalah.
Foreign banks...
