The verdict of Supreme Court in a number of petitions
challenging the military takeover on October 12 last year validated the
extra-constitutional removal of the Nawaz Sharif government. The Court has given the
government three years till October 11, 2002 to achieve its objectives, if necessary by
making amendments in the Constitution, to restore democracy in the country. With seven
months already gone the government has less than 29 months to restore what it calls real
democracy in the country. The time frame also hints at increased pace of accountability,
anti-corruption drive, and devolution of power to the grass root level.
The Commerce Minister has been indicating the broad framework of
forthcoming policy which will be aimed at achieving US$ 14 billion export target of cotton
based products which also looks achievable.
The recent movement
of KSE-100 index has been due to any change economic fundamental. However, the situation
demands strict adherence to exposure limits of brokers and curbing reckless lending by
commercial banks against shares.