Effect On The Economy
The Pakistani stock market was the first to react, with the Karachi Stock Exchange (KSE) falling by more than 4.6% on the first day of the emergency.
Investors in the United Kingdom pulled back $26.27 million while investors in the United States withdrew $51.93 million. It is estimated that more than $235 million in total were withdrawn from the KSE during the emergency.
Standard & Poor's Ratings Services also revised its outlook on the long-term foreign and local currency sovereign credit ratings of Pakistan from stable to negative.
The Dutch government froze development aid to Pakistan in response to the imposition of emergency rule. Deputy Minister for Development Bert Koenders decided to suspend the remainder of the €15 million (US$22 million) that had yet to be paid in 2007.
Read more about this topic: Pakistani State Of Emergency, 2007
Famous quotes containing the words effect on, effect and/or economy:
“The use of symbols has a certain power of emancipation and exhilaration for all men. We seem to be touched by a wand, which makes us dance and run about happily, like children. We are like persons who come out of a cave or cellar into the open air. This is the effect on us of tropes, fables, oracles, and all poetic forms. Poets are thus liberating gods.”
—Ralph Waldo Emerson (1803–1882)
“What has been the effect of [religious] coercion? To make one half the world fools, and the other half hypocrites. To support roguery and error all over the earth.”
—Thomas Jefferson (1743–1826)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)