2009 in images: The Pakistan Crisis

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2009 in images: The Pakistan Crisis

The past year was especially turbulent for Pakistan with the economy buffeted by a host of crises. Take a closer look with Dawn.com.

The KSE-100 opened the year at 5,753 and headed steadily downwards, in the wake of the recent removal of the trading floor and the worsening global economic downturn. The question on everyone’s lips was ‘what will 2009 bring?’— Photo from AFP/File

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An acute balance of payments crisis sparked by soaring energy prices forced the country to turn to an IMF bailout. As money from this deal began to trickle in, investors gained confidence and the economy began to recover. — Photo from APP/File

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In the wake of the global recession, oil prices continued to moderate, falling over 50 per cent from their earlier peaks in 2008. Though a major headache for oil exporters, lower energy prices meant much-needed relief for the Pakistani economy. — Photo from Reuters/File

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Inflation remained doggedly high through the first half of the year, prompting the SBP to hike interest rates, much to the chagrin of local businessmen. — Photo from File

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The budget was another bone of contention, unearthing a host of deeply divisive issues stemming from IMF conditions aimed at widening the tax net and cutting expenditures. Especially troublesome were the ideas to tax agriculture more heavily, and to implement a ‘carbon tax’ to generate revenue. — Photo from APP/File

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Tax reform was spearheaded by Shaukat Tarin, and was aimed to boost the low tax-GDP ratio in the country. However, as political wrangling dominated, reform was stymied. — Photo from APP/File

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The Supreme Court asserted itself strongly over the past year, directly intervening in the decision to raise fuel prices in the country, as well as discussing industries ranging from fertilizers to sugar producers. — Photo from File

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An acute shortage of fertilizer hit the country in 2009, causing prices to soar and hitting agricultural productivity hard. — Photo from Reuters/File

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A poor sugar cane crop, rising global prices, and millers hit by electricity shortfalls made for a perfect storm. As sugar shortages grew, prices skyrocketed, making for news that was anything but sweet. — Photo from APP/File

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Just as leaders around the world were celebrating the successful navigation of the great recession, news of Dubai Port World’s debt restructuring broke. Hamstrung by soaring debts and falling property values, the investment behemoth was forced to renegotiate its debt payments, sparking a frenzy of activity around the world as investors scrambled to asses their exposure to the event. A bailout was eventually negotiated, but will it be too little too late for the desert oasis? — Photo from Reuters/File