A AYAAN

INSTITUTE

PAKISTAN’S POLITICAL
& ECONOMIC CRISIS
Jahangir Mohammed
Hana Efendic
Fa h Kirsanli

UNITY | INDEPENDENCE | PROSPERITY | STRENGTH

 UNITY | INDEPENDENCE | PROSPERITY | STRENGTH

The Ayaan Ins tute is an independent

think tank based in London, UK.

Our vision is to see a Muslim world

that is united, independent, strong,
prosperous, free of wars and conflict
and capable of resolving its own issues.

Our mission is to s mulate thinking among

Muslims to develop and formulate new and
crea ve ideas and policy proposals for solving
the complex problems facing Muslims and their
states globally.

© Copyright 2022 Ayaan Centre Ltd.

All rights reserved.
Permission is given to duplicate this document
for personal use only, as long as it is unaltered
and complete. Copies may not be duplicated
for commercial purposes.

Ayaan Ins tute

Interna onal House
142 Cromwell Road
London SW7 4EF

T : +44 (0) 333 012 4536

E : info@ayaanins tute.com
W : www.ayaanins tute.com

ii
Table of Contents
Page

Introduc on 4

Background 5

Key Factors 6

Economic growth 7

Unemployment 8

Interest rates 9

Total Reserves 10

External Debt 12

Social Reform 13

Concluding Remarks 16

iii
Pakistan’s Poli cal & Economic Crisis Introduc on

INTRODUCTION

ECONOMIC INDICATORS AND SOCIAL POLICIES 2018 - APRIL 2022

The Ayaan Ins tute was established in January 2020, with a vision to work towards helping create a
Muslim world that is united, independent, strong, prosperous, free of wars and conflict and capable
of resolving its own issues. Economic independence and progress are crucial to achieving that vision.
Without economic independence poli cal independence is difficult to achieve.

The recent poli cal upheaval in Pakistan has brought many poli cal and economic ques ons to the
fore. Debates have been taking place in the media/ social media about the economic performance
of the recently deposed Pakistani government. Much of this debate is simply par san poli cs and is
not based on economic data or an understanding of it.

An informed debate is a prerequisite to a mature poli cs, a strong civil society and the push for
poli cal direc on and change. This brief report sets out only some of the core economic data for the
dura on of the last four years. The indicators are highlighted to reflect deeper and longstanding
issues affec ng Pakistan's economic performance beyond any one government.

It is not our inten on to judge the performance of the PTI government in office or compare the
performance of the Pakistani economy between governments. Such work requires a more detailed
analysis, here we simply provide some key data and highlight some issues which we believe to be
relevant to current discussions on Pakistans’s future direc on, which is linked to Ayaan's vision.

4
 BACKGROUND

ECONOMIC INDICATORS AND SOCIAL POLICIES 2018 -APRIL 2022

The PTI party came into power for the first me in August of 2018. It was in
office for 3 years and 7 months. Prior to this, the Government of Pakistan was
formed by the Pakistan Muslim League Nun (PML-N) in June 2013. Former
Prime Minister Nawaz Sharif was removed from office by the Supreme Court
on charges of corrup on in June 2017. A caretaker Prime Minister from the
same party, Shahid Abbasi then completed their five-year term.

The PTI party came into power on the back of promises of ending Pakistan's
involvement in the United States-led war on terror, tackling corrup on and
making social welfare reforms to benefit the poor.

The Pakistan Democra c Movement (PDM), an alliance of opposi on par es,

along with PTI defectors tabled a No-Confidence Vote against Prime Minister
Khan on the grounds of mismanagement of the economy and rising prices. On
the 10th April 2022, the PTI was voted out of government and replaced by the
opposi on PDM and Shehbaz Sharif became the new Prime Minister of
Pakistan.
Pakistan’s Poli cal & Economic Crisis Key Factors

KEY FACTORS TO CONSIDER IN ASSESSING PAKISTAN'S ECONOMIC

PERFORMANCE.
Pakistan’s economic issues are deep-rooted and need clear long-term strategies, not short one-term
fixes. Many of these issues are not economic but have an impact on its economy.

Involvement in Wars: Since 1979 Pakistan has been involved in wars in Afghanistan and figh ng
terrorism within its own borders. Added to this has been the burden of hos ng millions of refugees
from Afghanistan for 43 years. For a developing country, the economic costs of war and dealing with
domes c terrorism over long periods of me, have diverted from a focus on economic
development. They have created an unfavourable environment for business growth and external
investment in the country. It has also led to high levels of public spending on defence budgets.

Poli cal Instability: Pakistan has had 46 years of civilian rule and 29 years of military rule in 75 years.
There have been 25 civilian Prime Ministers (including Caretaker Pm’s). Not a single Prime Minister
has lasted a full five-year term. Poli cal instability is not conducive to business growth or external
trade and investment. The constant change of governments does not give confidence to other
countries to invest and trade with Pakistan. Most democra cally elected governments need at least
two terms to have an impact on the economic situa on of a country.

High Popula on Growth: Pakistan’s popula on has experienced high growth and is currently
around 220 million people. It is projected to reach well over 300 million by 2050. Pakistan needs
sustained economic growth to keep pace with the the needs of a growing popula on.

Corrup on and Low Tax Base: Pakistan suffers from loss of funds to corrup on which impacts the
economy nega vely. It also has low levels of taxes collection. This means revenue for public
expenditure is o en insufficient to meet needs.

An Informal Economy: Due to poor economic and poli cal performance, with high levels of
corrup on over sustained periods of me, an informal economy thrives in Pakistan. This means the
official economy suffers.

Donor Dependency: Pakistan has become a donor-dependent state. It has been reliant on
interna onal loans and aid. Loan and Interest repayments affect its income and reserves. Military
and economic aid has primarily come from the United States which creates a dependency
rela onship for both poli cians and the military.

Poor Export Performance: A major issue for Pakistan over a long period of me has been that its
imports exceed its exports. The economy has not been able to increase exports to generate a
sufficient surplus over imports. This means the balance of trade and reserves are usually nega ve.

Covid-19: Covid-19 emerged in January 2020 and was declared a global pandemic in March 2020.
The global economy was shut down and many restric ons were s ll in place un l January 2022. This
was an unprecedented period and event in modern history and has impacted all economies around
the world. Pakistan ended all Covid-19 restric ons in March 2022. Restric ons have lasted over two
years (27 months of restricted economic ac vity). This has affected exports, prices and growth.

6
Pakistan’s Poli cal & Economic Crisis Macroeconmic Indicators

MACROECONOMIC INDICATORS
Economic Growth
In 2018, the Pakistani economy grew by 5.9%. In the previous four years, it had ranged between
4.1% and 5.6%. The growth rate declined to 1.1% in 2019 and -0.9% in 2020. This was due to the
Covid-19 pandemic, with global economies being virtually closed. When the world economy started
to recover from the nega ve impacts of the pandemic, the Pakistani economy grew 5.6% in 2021.
Projec ons from the Asian Development Bank (ADB) forecasts that the economy will grow by 4% in
2022.

Figure 1.
GDP Growth Rate %
7
6
5
4
3
2
1
0
2018 2019 2020 2021 2022
-1
-2
Source: The World Bank , Asian Development Bank

Foreign Exchange Rate

In 2018, one Dollar was equal to around 120 Pakistani Rupees. For the last four years, the Rupee has
depreciated against the US Dollar and one Dollar is currently equal to 180 Rupees. Likewise, its value
declined against the Euro which was 140 per Euro in 2018 and it is around 200 now.

Figure 2.
US Dollar Pakistani Rupee (UTC-6)

200

180

160

140

120

Jan 2019 2020 2021 2022

source : tradingeconomics.com

7
Pakistan’s Poli cal & Economic Crisis Unemployment

Unemployment
Pakistan had a 4% unemployment rate in 2018. The unemployment rate has been around 4.7% in
2022. During the pandemic unemployment rates have increased all around the world and Pakistan
saw an increase in the rate, but it has been between 4-5% on average during the last four years.

Infla on
Core consumer price index (CPI) and consumer price index (headline CPI) are two important
infla on measures. While the former explains the infla on trend without taking energy and food
prices into account because their prices are vola le, the la er gives a holis c picture including a
basket of key foods/goods. Figure 3 shows the headline infla on rate since 2012.

Figure 3.
Headline Infla on (CPI %)
14.00

12.00

10.00

8.00

6.00

4.00

2.00

0.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Interna onal Monetary Fund, retrieved from St. Louis Fed

Consumer Price Index (CPI) Infla on was around 5% in 2018 and as of March 2022, the infla on rate
is now 12.7%. The last Gallup survey showed that more than 60% of people think that infla on is the
biggest problem in Pakistan. A er infla on, people see unemployment and corrup on as the most
important issues in the country. Figure 4 illustrates the movements of Core CPI over the last decade.

Figure 4. Core Infla on (CPI %)

12.00

10.00

8.00

6.00

4.00

2.00

0.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Interna onal Monetary Fund, retrieved from St. Louis Fed

Core infla on was close to headline infla on in 2018 and since it does not take energy and food
prices into account, core infla on is expected to be lower than headline infla on. During Covid-19, it
was 7.95% in 2019 and 2020 and it was 6.6% in 2021. It is forecast that core infla on will be around
7.93% in 2022.

8
Pakistan’s Poli cal & Economic Crisis Interest Rates

Interest Rates
In 2018, the interest rate was around 6%. However, the deprecia on of the Pakistani Rupee against
foreign currencies, especially against the US dollar and euro, had forced the central bank to raise
interest rates. The figure below illustrates how interest rates reached 12.25% by April. When
infla on rates are high, interest rates tend to be high. The purpose of interest rate hikes is to control
infla on by cooling off the economy and protec ng the current account balance from further
deteriora on. In the West, infla on rates have also been increasing and have reached the highest
levels in 40 years. This has also forced Western countries to adopt monetary ghtening (i.e.,
increasing the interest rates) crea ng further pressure on developing and fragile economies.

Figure 5.
Interest rates
14

12

10

4
2014 2016 2018 2020 2022

TRADINGECONOMICS.COM | STATE BANK OF PAKISTAN

Current Account Balance

The current account balance shows the difference between all exports, imports (including goods,
services interna onal transfers of capital). In 2018, the Pakistani economy had a deficit of -6.3% of
GDP. By 2021 the deficit had reduced to -0.6 of GDP. As the figure below shows the deficit between
imports and exports, the current account balance of payments has hence been a major problem for
a long period for the economy.

Figure 6.
Current Account Balance
0

-0.6
-1.1 -1
-1.3
-1.7 -1.7 -2
-2.1

-4
-4.1
-4.8
-6
-6.3

-8
2012 2014 2016 2018 2020 2022

TRADINGECONOMICS.COM | STATE BANK OF PAKISTAN

9
Pakistan’s Poli cal & Economic Crisis Total Reserves

Total Reserves
Total reserves which include gold in US Dollars have been fluctua ng over the last decade in
Pakistan; however, the trend has been up for the last few years. The figure below demonstrates how
total reserves have changed since 2012 and peaked at the end of 2021 with over $23 billion, the
highest in over a decade. In 2018, the net reserves were $8 billion which led to a crisis and a
desperate a empt to secure interna onal loans to cover forthcoming expenditures, in order to save
the economy.

Figure 7.

Total Reserves (Including Gold, Current US$)

30

25

20
Billions US$

15

10

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: The World Bank, Trading Economics. 2022 (Feb)

Corrup on
According to the Corrup on Percep on Index (CPI) of Transparency Interna onal, a leading ins tute
on corrup on ranking, the corrup on score of Pakistan has been pre y much stable for the last
decade and decreasing slightly since 2018. CPI scores vary between 0 and 100 where higher scores
indicate the percep on of corrup on in a country. The graph below shows that the percep on score
of corrup on in Pakistan has changed li le over the last four years.

Figure 8.
Corrup on Percep on Index Store
100
90
80
70
60
50
40
30
20
10
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Source : Transparency Interna onal

10
Pakistan’s Poli cal & Economic Crisis

On the other hand, the Na onal Accountability Bureau (NAB), which is the agency in charge of
tackling corrup on in judicial, poli cal and financial cases of Pakistan, has recovered approximately
800 billion Pakistani rupees, most of which have been recovered since 2018. The figure below
illustrates the composi on of this total recovery. Very li le has been recovered from prominent
poli cal individuals.

Figure 9.
Recoveries Through Na onal Accountability Bureau

Total Recoveries
Composi on of Recoveries

Court Fines

Rescheduling of Loans

Indirect
Punjab Coopera ve Board for Liquada on

Voluntary Return & Plea Bargain

State Bank of Pakistan

Bank Loan Recoveries

0 1 00 000 2 00 000 3 00 000 4 00 000 5 00 000 6 00 000 7 00 000 8 00 000

Billions of Pakistani Rupees

Source: Pakistan Na onal Accountability Bureau

Trade Balance
Since 2018, it can be seen that exports stayed rela vely stable compared to earlier years whilst the
volume of imports also did not change much. According to the Pakistan Bureau of Sta s cs, the
export of manufactured goods increased throughout the last four years, as well as the export of
primary commodi es. The only change in imported goods according to the bureau was a rise in the
import of raw materials for consumer goods which occurred between 2020 and 2021. The World
Bank has es mated nega ve growth rates for both imports and exports in 2021.

Figure 10.
Trade
70

60

50
Billions US$

40
Imports
30 Exports

20

10

0
2015 2016 2017 2018 2019 2020

Source: World Bank

11
Pakistan’s Poli cal & Economic Crisis External Debt

External Debt and The IMF Loans

One of the most challenging economic issues for Pakistan has been its debt problem. When PTI took
office, it was a key issue to be solved. In his keynote speech in 2018, Imran Khan men oned that the
country was in $95 billion foreign debt, this is now $130 billion. Including the foreign debt, the public
debt has increased over the last four years, reaching over 42 trillion Pakistani rupees, equivalent to
$230 billion US Dollars in January 2022. The role of currency exchange is important as when currency
depreciates against the US dollar, the liabili es in terms of the rupee also increase.

Pakistan has signed loan arrangements with the IMF in the last four years. The government agreed
on a bail-out deal with the IMF worth 6 billion US$. Having already been in debt to the ins tu on of
around 5.8 billion US$, the deal aimed to help the Pakistani economy which was in need of foreign
reserves and help with economic growth, higher infla on and the balance of payments crisis.
Further loans have been delayed due to failure to meet IMF ac ons by deadlines. Loan agreements
have also been secured with China, Saudi Arabia and the UAE.

Remi ances
Pakistan has been relying on remi ances for a long me. According to the Migrant Resource Centre,
Pakistan is the fi h-highest recipient country for remi ances each year. In 2018, overseas Pakistanis
remi ed $20.9 billion. In the following year and during Covid-19, Pakistanis con nued to send
money home and remi ances reached 21.8 and 23 billion US$ in 2019 and 2020. It is expected that
Pakistan will receive around 32 billion US$ remi ances in 2022. Remi ances helped the Pakistani
economy, especially under the circumstances of high public debt and infla on.

United States Financial Aid.

The figure below shows US economic and military aid to Pakistan since 9/11. The figure does not
include appropria ons and disbursements with which the total financial aid would be higher.
However, even without exis ng obliga ons. US aid peaked around 2010 and since then it has been
declining. Furthermore, the US under the Trump administra on cut 300 million US$ aid to Pakistan
in 2018 due to alleged failures in tackling terrorism in Afghanistan. In the last four years US financial
aid to Pakistan has decreased substan ally. From 1951-2011 Pakistan received $67 billion in US aid.

Figure 11.

US financial aid to Pakistan

3.5

3.0

2.5
Billion US$

2.0

1.5

1.0

0.5

0
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022

Economic Aid Military Aid Total Financial Aid

Source: USAID - Obliga ons Only - 2021 par ally reported

12
Pakistan’s Poli cal & Economic Crisis Social Reforms

SOCIAL REFORMS AND THE PANDEMIC

Covid-19 Pandemic Management
According to the WHO, from early January to early April, there have been about 1,526,093 cases
with 30,361 deaths in Pakistan. This is lower than the world average and lower than rates in the US,
UK and EU for example. It is also lower than Turkey's, which has a smaller popula on than Pakistan of
about 123 million but experienced approximately 70% more deaths than Pakistan.
Figure 12.

Total deaths from Covid-19

160,000

140,000

120,000

Turkey
100,000
Pakistan
80,000 Indonesia
Bangladesh
60,000
Egypt
40,000

20,000

0
1
21

21

21

22

22
0
20

20

v2
2

l2
v2
2

l2

ar

ay

ar
ar

ay

Ju
Ju

No
No

Ja

Se

Ja
Se

M
M

M
M

Source: Our World in Data

In terms of the evolving situa on, Pakistan has been able to limit the spread of the virus and is doing
well compared to Western states, two of which in the graph have a smaller popula on than Pakistan.

Figure 13.

Daily new confirmed COVID 19 cases per million people

7 day rolling average. Due to limited tes ng, the number of confirmed cases is lower
than the true number of infec ons

1,000 United Kingdom

Japan
100 United States

10

1
Pakistan

0.1

0.01

0.001
Mar 1, 2020 Nov 16, 2020 June 4, 2021 Apr 9, 2022

Source: Johns Hopkins University CSSE COVID-19 Data

13
Pakistan’s Poli cal & Economic Crisis

To date, approximately 59% of the popula on has received at least one dose of the Covid-19 vaccine.
This is one of the lowest rates in the South Asia region.

During the pandemic, the World Health Organisa on’s PHSM (Public health and social measures)
Severity Index shows that Pakistan was neither the most severe nor lenient in their measures.

The Director General of the WHO, Tedros Adhanom Ghebreyesus commended Pakistan for its
management of the Covid-19 pandemic. Early on, the Na onal Command and Opera on Centre
(NCOC) was established; an independent body that would be responsible for all policies ini ated to
help limit the spread of the virus. Given its apoli cal nature, its work in comba ng the virus was
efficient and deemed trustworthy. Its Covid-19 strategy made up four elements, namely: na onal
awareness, disease preven on and containment, healthcare op misa on and build-up and
managing socio-economic fallout. NCOC was able to track areas that were ‘hotspots’ for the
transmission of the virus through epidemiological data which enabled the adop on of smart
lockdowns instead of general ones. This was able to protect the likes of the construc on industry
which provides jobs to some of the poorest members of Pakistani society. Since the end of March
2022, the NCOC’s mandate has ended as the spread of the virus has been minimised.

Figure 14.

Strands of Pakistan’s An Covid-19 Strategy

Special ordinances for An hoarding and smuggling •

• Risk Communica on
Economic S mulus Package •
• Awareness of guidelines/SOPs
Ehsaas Program •
• Projec on of Healthcare worker
SME packages •
• Reducing Panic
Focus on external trade •
• Expecta on management
Ensuring Food Security & Supply chains •
• Countering fake informa on
Safe/graduated opening of economy •

Managing
Economic/
Na onal Socioeconomic
Awareness fallouts

Disease Healthcare
Preven on & Op misa on
Conrainment and Buildup
Hospital Ramp up •
• TTQ Improved Resource Management •
• Smart Lockdowns Training/Mo va on of HCWs •
• SOP Compliance Availability of Essen al Medicines •
• Community mobilsa on Indigenous Developments •
• Enhanced and focused tes ng Telehealth, Yaran e Watan •
• Management of high risk events Seroprevalence survey •
• Management of Flights and Borders Strengthening of IT Base •
• Improving Disease Management Strategy Procurement of Cri cal Care Equipment/PPE •

Source : The Express Tribune

14
Pakistan’s Poli cal & Economic Crisis Polices

Policies Ini ated during the Pandemic

During the pandemic, the PTI administra on took the approach of helping the na on overcome the
virus whilst trying to keep the economy afloat. It is for those reasons that Pakistan saw a rise in GDP
levels in 2021 of around 6% in comparison to 2020. Early in the pandemic, PTI launched a relief
scheme for those who had lost their jobs or whose income had been affected by lockdown. There
was also a s mulus package of approximately $1.09 billion to nearly 1.7 million families across the
country through the Ehsaas Cash Programme that would support unemployed individuals. The IMF
suggests that such support helped approximately 35% of the popula on. Some other economic
policies ini ated by the PTI administra on are highlighted in the box below.

BOX-1: PM’s Economic Support Package

• Elimina on of import du es on imports of emergency health equipment;

• Relief of daily wage workers (Rs 200 billion)
• Cash transfers to low-income families (Rs 150 billion)
• Accelerated tax refunds to the export industry (Rs 100 billion)
• Financial support to SMEs (Rs 100 billion)
• Resources for any accelerate procurement of wheat (Rs 280 billion);
• Financial support to u lity stores (Rs 50 billion), relief in fuel prices (Rs 70 billion), support for
health and food supplies (Rs 15 billion), electricity bill payment relief (Rs 110 billion), an
emergency con ngency fund (Rs 100 billion) and a transfer to the Na onal Disaster Managment
Authority (NDMA) for the purchase of necessary equipment to deal with the pandemic (Rs 25
billion).
Source: Finance Division - Government of Pakistan

Domes c banks in Pakistan played a key role in funding the government in support of these
economic programs, covering over 60% of public gross financing in the county according to the IMF.

Russia-Ukraine War and Gas

At the beginning of Russia’s invasion of Ukraine, PM Khan visited Moscow in a bid to secure natural
gas and wheat before the prices would surge. The mee ng between Khan and Pu n resulted in an
agreement that Pakistan would import natural gas and 2 million tons of wheat from Russia. This
came at a me when Pakistan is facing a major supply problem with regards to gas as it makes up a
large component of its energy mix and is also a net importer of Russian gas and oil. This development
is crucial for the 1,100 km gas pipeline that is expected to be built next year across the country,
known as the Pakistan Stream Gas Pipeline Project.

Ac on on Climate Change
One of the successes the last four years saw was the fulfilment of UN Sustainable Development Goal
13 (SGD-13) in the early phases of 2020 ten years prior to its due date. The UN SGD-13 refers to
taking urgent ac on to combat climate change and its impacts. Some of the ini a ves that helped
Pakistan secure this achievement included the 10 billion Tree Tsunami Project- relaunched in 2020
to reforest degraded land in the country as well as the Clean Green Pakistan Index which ranked
ci es and villages based on their cleanliness, sanita on management, drinking water services and
green space availabili es.

15
Pakistan’s Poli cal & Economic Crisis Concluding Remarks

Concluding Remarks

Whilst the data above is not comprehensive, the key indicators highlighted in this report point to a
na on that is already facing a poli cal and economic crisis. As with most countries around the world,
for the last two years, the Pakistan government has been managing the Covid-19 pandemic. This
year and next year are recovery years. Like other countries around the globe, Pakistan is also dealing
with the a ermath of the pandemic. This includes supply shortages, high price rises, rapid infla on
increases and rising interest rates leading to higher debt repayments. The consequences of the
Russian invasion of Ukraine with rising shortages in gas and wheat supplies are further increasing
global commodity prices.

Despite these recent global issues, there are some clear underlying poli cal and economic
challenges for Pakistan. From Ayaan's point of view, the indicators in this report point to a country
that is neither united, independent, prosperous, free from wars and conflict nor able to find
solu ons to its own problems. Dependency on loans and aid does not solve major poli cal and
economic problems. They merely postpone the painful decisions into the future. There are some
clear challenges going forward that the Pakistani people and their government must deal with.

The Pakistani people need to decide if they want to be on a permanent lifeline of interna onal loans
and aid, subject to interference in their poli cs by donor countries. Or do they want to tread the path
of independence which will involve short-term pain, but long-term gain.

In the last 43 years, Pakistan has been a proxy for two US-backed wars in Afghanistan and the
blowback in terms of terrorism. The consequences on Pakistan's economy and loss of life have been
disastrous. Pakistan will have to decide if they want to con nue to be a proxy for US interests in the
region, notably against China or in Afghanistan.

Pakistan's democra c poli cal system is clearly failing and not serving the best interests of its people
or the economy. It needs serious change. Pakistani people need to come up with a poli cal system
that rewards merit, exper se and good conduct/character, not party loyalty or interest.

Corrup on in the country is corrosive at all the highest levels of society and is hindering economic
development and good governance.

Pakistan's popula on growth is es mated to reach as many as 338 million people by 2050.
Pakistan's export and trade performance must increase to a level to keep pace with the needs of
such a large popula on.

Overseas Pakistanis need to consider how best they can contribute to the changes that are needed
to move this country forward.

We hope this report will contribute to a much-needed debate currently ongoing among Pakistani
communi es worldwide about Pakistan's problems and future direc on.

16
 Ayaan Ins tute, Interna onal House, 142 Cromwell Road, London, SW7 4EF
T : +44 (0) 333 012 4536 E : info@ayaanins tute.com W : www.ayaanins tute.com