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January 7, 2010

Pak Economy: ECONOMIC REVIEW 2009

From anticipated default to vulnerable economic recovery

By M. Sharif

 During the year under review, the economy has moved away from a precarious state of sovereign default on account of depletion of hefty forex reserves of more than $16.5 billion in October 07 to $6.0 billion by November 08, because of steep increase in prices of oil and other commodities in the international market during 2008 that negatively affected the domestic market. An added factor was indiscrete fiscal expansion that increased to Rs688 billion during the period of interim government. Read More »Pak Economy: ECONOMIC REVIEW 2009

Indo-China diplomatic war over Kashmir

By Zafar Iqbal

Recent statement of Indian, External Affairs Minister S M Krishna about the development activities of China in Pakistan administered Kashmir has triggered growing antagonism between China and India.  Indian Minister Krishna described Chinese activities in Pakistani side of Kashmir as “illegal” and said that ‘India has conveyed its concern over this as well as supply of Chinese weapons to Pakistan’. Reiterating India’s longstanding stance, he elucidated that “neither Pakistan nor China have a ‘locus standi’ in Kashmir”.Read More »Indo-China diplomatic war over Kashmir