Diplomatic representation in the US: chief of mission: Ambassador Mahmud Ali DURRANI chancery: 3517 International Court, Washington, DC 20008 telephone: [1] (202) 243-6500 FAX: [1] (202) 686-1544 consulate(s) general: Boston, Chicago, Houston, Los Angeles, New York, Sunnyvale (California)
Diplomatic representation from the US: chief of mission: Ambassador Ryan CROCKER embassy: Diplomatic Enclave, Ramna 5, Islamabad mailing address: P. O. Box 1048, Unit 62200, APO AE 09812-2200 telephone: [92] (51) 208-0000 FAX: [92] (51) 2276427 consulate(s) general: Karachi consulate(s): Lahore, Peshawar
Flag description:
green with a vertical white band (symbolizing the role of religious
minorities) on the hoist side; a large white crescent and star are
centered in the green field; the crescent, star, and color green are
traditional symbols of Islam
Economy Pakistan
Economy - overview:
Pakistan, an impoverished and underdeveloped country, has suffered
from decades of internal political disputes, low levels of foreign
investment, and a costly, ongoing confrontation with neighboring
India. However, IMF-approved government policies, bolstered by
generous foreign assistance and renewed access to global markets
since 2001, have generated solid macroeconomic recovery the last
four years. The government has made substantial macroeconomic
reforms since 2000, although progress on more politically sensitive
reforms has slowed. For example, in the budget for fiscal year 2006,
Islamabad did not impose taxes on the agriculture or real estate
sectors, despite Pakistan's chronically low tax-to-GDP ratio. While
long-term prospects remain uncertain, given Pakistan's low level of
development, medium-term prospects for job creation and poverty
reduction are the best in more than a decade. Islamabad has raised
development spending from about 2% of GDP in the 1990s to 4% in
2003, a necessary step towards reversing the broad underdevelopment
of its social sector. GDP growth, spurred by double-digit gains in
industrial production over the past year, has become less dependent
on agriculture, and remained above 7% in 2004 and 2005. Inflation
remains the biggest threat to the economy, jumping to more than 9%
in 2005. The World Bank and Asian Development Bank announced that
they would provide US $1 billion each in aid to help Pakistan
rebuild areas hit by the October 2005 earthquake in Kashmir. Foreign
exchange reserves continued to reach new levels in 2005, supported
by steady worker remittances. In the near term, growth probably
cannot be sustained at the 7% level; however, massive international
aid, increased government spending, lower taxes, and pay increases
for government workers will help Pakistan maintain strong GDP growth
over the longer term.
GDP (purchasing power parity):
$395.2 billion (2005 est.)
GDP (official exchange rate):
$89.55 billion (2005 est.)
GDP - real growth rate:
6.6% (2005 est.)
GDP - per capita (PPP):
$2,400 (2005 est.)
GDP - composition by sector:
agriculture: 21.6%
industry: 25.1%
services: 53.3% (2005 est.)