The Strategies of General Ziaul Haq (1977-88) to Boost the Economy of Pakistan

Abstract

The economy of Pakistan has been experiencing ups and downs in various periods since 1947 and the first decade witnessed troubled fiscal management accompanied by political chaos. The influential and powerful bureaucratic elite and institutional clashes did not allow the development of the economic sphere that turned Pakistan into a fragile economy. During the days of General Ayub Khan, there was an unexpected and dramatic economic development that could not be legitimized by Zulfiqar Ali Bhutto especially due to the defunct policy of nationalization. Bhutto’s successor General Ziaul Haq tried his level best to boost the economy by taking different initiatives. This research has elaborated on the steps taken by Zia to make Pakistan able to enjoy a stable and secure economic position. A special focus has been paid to Zia’s Islamization of the economy which was considered an initiative to frame the economy of Pakistan according to the principles of Islam. It has investigated how Zia discouraged the policy of nationalization of Bhutto, encouraged the private sector, and promoted industrialization. It has explained how Zia planned things for rural development to attain stability at the local level and for the promotion of exports to approach the latest trends of trade in the international market. Formation and participation of the efficient corporate sector are also part of this research. The research is informative for the students of the economic history of Pakistan and for researchers who are inclined towards researching the economic policies of Zia. It is also supportive for policy-makers who are responsible for managing the monetary affairs of Pakistan today.