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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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pakistan.4
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Economy
Overview: Pakistan is a poor Third World country faced with
the usual problems of rapidly increasing population, sizable
government deficits, and heavy dependence on foreign aid. In
addition, the economy must support a large military establishment
and provide for the needs of 4 million Afghan refugees.
A real economic growth rate averaging 5-6% in recent years
has enabled the country to cope with these problems. Almost
all agriculture and small-scale industry is in private hands,
and the government seeks to privatize a portion of the large-scale
industrial enterprises now publicly owned. In December 1988,
Pakistan signed a three-year economic reform agreement with
the IMF, which provides for a reduction in the government
deficit and a liberalization of trade in return for further
IMF financial support. The so-called Islamization of the
economy has affected mainly the financial sector; for example,
a prohibition on certain types of interest payments. Pakistan
almost certainly will make little headway against its population
problem; at the current rate of growth, population would
double in 32 years.
GNP: $43.2 billion, per capita $409; real growth rate 5.1% (FY89).
Inflation rate (consumer prices): 11% (FY89).
Unemployment rate: 4% (FY89 est.).
Budget: revenues $7.5 billion; expenditures $10.3 billion,
including capital expenditures of $2.3 billion (FY89 est.).
Exports: $4.5 billion (f.o.b., FY89); commodities--rice, cotton,
textiles, clothing; partners--EC 31%, US 11%, Japan 11% (FY88).
Imports: $7.2 billion (f.o.b., FY89); commodities--petroleum,
petroleum products, machinery, transportation, equipment,
vegetable oils, animal fats, chemicals; partners--EC 26%,
Japan 15%, US 11% (FY88).
External debt: $17.4 billion (1989).
Industrial production: growth rate 3% (FY89).
Electricity: 7,575,000 kW capacity; 29,300 million kWh produced,
270 kWh per capita (1989).
Industries: textiles, food processing, beverages, petroleum
products, construction materials, clothing, paper products,
international finance, shrimp.
Agriculture: 24% of GNP, over 50% of labor force; world's
largest contiguous irrigation system; major crops--cotton,
wheat, rice, sugarcane, fruits, and vegetables; livestock
products--milk, beef, mutton, eggs; self-sufficient in food
grain.
Illicit drugs: illicit producer of opium poppy and cannabis
for the international drug trade; government eradication
efforts on poppy cultivation of limited success; 1988 output
of opium and hashish each estimated at about 200 metric tons.
Aid: (including Bangladesh before 1972) US commitments,
including Ex-Im (FY70-88), $4.2 billion authorized (excluding
what is now Bangladesh); Western (non-US) countries, ODA
and OOF bilateral commitments (1980-87), $7.5 billion; OPEC
bilateral aid (1979-89), $2.3 billion; Communist countries
(1970-88), $2.9 billion.
Currency: Pakistani rupee (plural--rupees); 1 Pakistani
rupee (PRe) = 100 paisa.
Exchange rates: Pakistani rupees (PRs) per US$1--21.420
(January 1990), 20.541 (1989), 18.003 (1988), 17.399 (1987),
16.648 (1986), 15.928 (1985).
Fiscal year: 1 July-30 June.