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| | Location | |
| Pakistan, the regional gateway borders with Iran on the West,
India on the East, Afghanistan in the North-West, China in the
North and the Arabian Sea in the South. Its total area is 803,940
Sq. Km and total land area is 778,720 Sq. Km with a coastline
that stretches 1046 km. Pakistan is emerging as the preferred
transit route in the region due to its ideal geographical location
at the crossroad of Central Asia and the Arabian Sea |
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| | History | |
| Pakistan emerged on the world map on August 14, 1947. Its
establishment was the culmination of the struggle by Muslims
of the South-Asian subcontinent for a separate homeland of their
own. |
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| | Legal System | |
| The legal system of Pakistan is based on English common law
with provisions to accommodate Pakistan's status as an Islamic
state; accepts compulsory ICJ jurisdiction, with reservations. |
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| | Economic Overview | |
IMF-approved government policies bolstered by generous foreign
assistance and renewed access to global markets since 2001 have
generated solid macroeconomic recovery in the last six years.
The government has made substantial macroeconomic reforms since
2000. GDP growth, spurred by double-digit gains in industrial
production over the past year, has become less dependent on
agriculture. Foreign exchange reserves continued to reach new
levels in 2004, supported by steady worker remittances.
Pakistan’s economic recovery has gained further traction
during the fiscal year 2004-05, with the economy expanding at
its fastest clip in two decades. The exceptionally strong growth
was underpinned by accommodative macroeconomic policies, growing
domestic demand, renewed confidence of private sector, fiscal
discipline and competitive exchange rates.
Workers remittances, the second largest source of foreign
exchange inflow after exports, continue to maintain a rising
trend. Against the full year target of $ 3.8 billion, workers
remittances totaled $ 3.45 billion during the first ten months
(July – April) of the current fiscal year, as against
$ 3.2 billion in the same period last year, showing an increase
of 7.5 percent. The United States continues to be the single
largest source of cash workers remittances accounting for
31 percent, followed by UAE (16.9%), Saudi Arabia (14.7%),
UK (9.0%) and Kuwait (5.2%). Given the trend so far, it is
likely that workers remittances may touch $ 4.2 billion in
2004-05.
The outgoing fiscal year has indeed been an eventful year
for Pakistan’s economy. The year has posted several
multiyear “firsts”. Pakistan’s real GDP
growth of 8.4 percent in 2004-05 is the fastest pace in two
decades; the fifth time in the country’s history that
it exceeded 8 percent growth mark; Pakistan positioned itself
as the second fastest growing economy after China in 2004-05;
its per capita income crossed $ 700 mark; it has seen the
largest ever expansion of private sector credit in 2004-05;
exit from the IMF Programme marks an important milestone;
Pakistan became the fourth sovereign to issue an Islamic Bond
(Sukuk), following Malaysia, Qatar and Bahrain; the country’s
public and external debt burden declined to their lowest in
decades.
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