Karachi Grinds to a Halt Following Fatal Blasts, Asia Times Online, 9 February 2010
EXCERPT: "Business in Karachi, Pakistan's commercial capital, ground to a halt at the weekend after at least 33 people were killed and over 100 injured in two explosions on Friday. The city of 18 million people houses the main stock exchange, central bank and offices of multinational corporations. Businessmen warn that Karachi, which contributes about 70% of the country's tax revenue, is fast becoming a 'no-business and no-trade city', as there is no protection to life and property... Higher than expected expenditure on security, power subsidies and cost overruns have already forced the government to slash by 30% the overall size of its Public Sector Development Program (PSDP) for the fiscal year that runs through to June 30. The country is dependent on external flows to keep its fiscal deficit within a target of 4.9% for the current fiscal year, yet trade activity has shrunk and dragged small businessmen into a severe financial turmoil and critics say the government has been least concerned with the problems of traders and common businessmen in the financial capital... . Local analysts see the problems in Karachi as a new development on the political front, straining ties between the ruling Pakistan People's Party (PPP) and its key partner, the Muttahida Qaumi Movement (MQM), in the coalition government in southern Sindh province... Zardari is also facing calls to step down after the Supreme Court struck down an amnesty, the National Reconciliation Ordinance (NRO)..."
Read the full story.
Related articles:
95 held, arms seized in Karachi crackdown, GEO TV, 8 February 2010
Karachi violence blow to Pakistan economy, AFP, 7 February 2010
The unending turf wars, DAWN, 7 February 2010
The agony of Pakistan [blog], Reuters // Afghan Journal: Lifting the veil on conflict, culture and politics, 7 February 2010
Pakistani city tense as mourners bury bomb victims, Reuters, 6 February 2010
Related media:
What next for Pakistan? [video interview and commentary], Chatham House, 8 February 2010
Related posts:
Karachi bomb blasts kill Shiite worshipers, 5 February 2010
Lawmakers agree to end Karachi clashes, 4 February 2010
Karachi seen as key to Pakistan's future, 22 January 2010
Zardari re-emerges, but likely to face legal battle, 21 January 2010
Amnesty upheaval leading to "slow-burning disarray"?, 22 December 2009
