To: ratan lal who wrote (2571 ) 8/26/1998 12:18:00 PM From: Mohan Marette Read Replies (2) | Respond to
After the euphoria Pakistan faces economic collapse and political bankruptcy..reports The Economist.'On May 31st, when several nuclear devices were tested in the deserts of Baluchistan in response to India's tests, thousands of Pakistanis took to the streets to celebrate their country's elevation to world-power status. Little more than two months later, thousands of people are on the streets again, this time protesting at the government's incompetence and the economic crisis it has brought on. Pakistanis abroad stopped sending their earnings home through official channels and took advantage of better rates elsewhere. Unsurprisingly, foreign investment all but dried up. At a stroke, the government lost almost all its sources of foreign exchange. Officials admit Pakistan will fall at least $3.5 billion short on its import bills and interest payments this year. Others put the deficit much higher...' economist.com
