Before and After 1998

➢ No one will deny that after 1998. the situation did deteriorate due to the
developments of 1998. In fact, the growth rate for 1998/99 was only marginally
lower than the average for the preceding eight years 1990-98.
➢ The nineties as a whole were the decade of under developing Pakistan, specially
when compared to the 1980s.
➢ The sanctions imposed by the US President under the Glenn Amendment included the
following:
➢ The termination of US foreign aid programmes except for humanitarian assistance
and food or other agriculture commodities.
➢ The denial of export credits and guarantees by any US department or agency; the
termination of sales of defence articles and defence services and termination of
all military financing.
➢ The opposition to the extension of any loan for financial or technical assistance
by any international institution such as the Asian Development Bank, the IMF, and
the World Bank and the prohibition to US banks from making any loan o the
Government of Pakistan.
➢ The capital flight by the Foreign Currency Account holder, which pressure on
exchange rate and add to high inflation prevalent.