I am finally getting down to transferring all my archives from over a decade ago from CD/DVD backup to big hard drives.
Shows how good 9-11 was for Pakistan. Truly Mohammed Atta has brought glory to the name Mohammed. Pakistan khappay-ing pretty well, thank you.
Observed Economic Statistics
Pakistan received $6.4 million in aid in FY1996, and $2.5 million in FY1997 under the counternarcotics and food aid programs. (US Agency for International Development, FY1998 Congressional Presentation)
Pakistan paid $658 million for 28 F-16s, which were stored at a US air force base in Arizona after Pressler amendment barred transfer. (Associated Press, 25 May 1995)
"US aid had totaled about $650 million annually. But last month, the US, pinched by budget austerity, decided that even if Pakistan gives up its nuclear-weapons program, it only will receive about $200 million." (Wall Street Journal, 5 February 1991, A8)
Military spending accounts for almost half of Pakistan's $13 billion annual budget. India spends slightly more in absolute terms. (Associated Press, 8 January 1996)
"As 1998 began, the only tangible benefit Pakistan received [from the Brown amendment] was the delivery of $368 million worth of military equipment, which it had paid for already, and the renewal of investment guarantees." (Kux 168)
"Across Pakistan, the economic news worsens by the day. Since the nuclear tests in May, the prices of such basic goods as food and gasoline have shot up by as much as 25 percent. The Karachi Stock Exchange had lost 40 percent of its value before Thursday-and it dropped again after the missile strikes. The rupee, Pakistan's currency, has lost 30 percent of its value against the dollar." (International Herald Tribune, 8 August 1998, 1)
"Pakistan depends on foreign aid to cover its budget deficit, and was jolted when the IMF stopped one payment of a phased, three-year, $1.56 billion loan package as part of economic sanctions following the nuclear tests." (Associated Press, 7 September 1998)
"The immediate pressure is acute, with reportedly less than three weeks' import cover, and reserves insufficient to cover the estimated $1.7 billion owed over the next eight weeks to foreign commercial banks and to the World Bank and the IMF." (International Herald Tribune, 4 September 1998,
"Mr. Sharif's fall-back solution for the economy is an aid package expected from the Islamic Development Bank and other Middle Eastern donors. But though this could amount to as much as $1.5 billion, it is no long-term solution when the external funding shortfall this year is likely to be $4 billion or more." (Financial Times, 27 August 1998, 9)
"Since the Indian tests, the KSE-100 index has fallen more than 40 percent. But in the past two weeks, the market has clawed back 9.5 percent on expectations that Pakistan is about to sign the Comprehensive Test Ban Treaty to end its nuclear row with the west. Reports that the Jeddah-based Islamic Development Bank has extended a $200m loan to co-finance a $1.5bn Islamic loan fund for Pakistan also helped sentiment." (Financial Times, 22 September 1998, 38)
"There is now only about $500m left in liquid foreign reserves or just two weeks' worth of imports, down from over $1bn when the nuclear tests were conducted." (Financial Times, 7 October 1998, 4)
"The country's foreign exchange reserves have fallen sharply to just over $400m, … and it has accumulated almost $1.4b in unpaid debts to commercial banks and other creditors since June, when sanctions were imposed." (Financial Times, 2 December 1998, 4)