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1 usd to pkr in year 19968/30/2023 Pakistan continued a managed floating exchange rate system until July 21, 1998. Losing access to IFI financing altogether. Had not been successfully completed by late November, and Pakistan teetered on the edge of Various IFI to reopen balance of payments, support lending, and to reschedule outstanding debt Inappropriate policy choices and a lack of politicalĬommitment to economic reform exacerbated and prolonged the economic crisis. Both private investor confidence and the sovereign credit ratingĭeclined to among the world's lowest. Government barely was able to sustain minimum essential debt service payments to Internationalįinancial Institutions (IFI). Late November 1998, official foreign exchange reserves had fallen to $400 million. Technical default with some official creditors by delaying payments and accumulating arrears. As early as July 1998, Pakistan's Government made a policy decision to enter Pakistan-India nuclear tests of May 1998, the macroeconomic situation greatly deterioratedĭespite some reassuring indicators such as continued agricultural growth and low inflation.įoreign exchange receipts declined from export sales, worker remittances, and private capital In late 1998, Pakistan's economy continued in financial crisis. ![]() Source: State Bank of Pakistan (SBP) and Ministry of Finance (MOF). Gold and Foreign Exchange Reserves 7.1 6.5 N/AĪid from U.S. Money and Prices (annual percentage growth):Ĭurrent Account Deficit/GDP (pct) -4.3 -3.9 N/Aĭebt Service Payments/GDP (pct) 9.0 10.4 10.3 ![]() ![]() The Department of State submitted this report to the Senate Committees on Foreign RelationsĪnd on Finance and to the House Committees on Foreign Affairs and on Ways and Means, on NOTE: External links to other Internet sites should not be construed as an endorsement of the views contained therein. Contact us with any questions about finding information. Archive sites are not updated, so external links may no longer function. Or visit for information from that period. Please see for current material from the Department of State. The State Department web site below is a permanent electronic archive of information released online from Januto January 20, 2001.
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