Since its independence in 1947, Pakistan has been plagued with political, social and religious turmoil and that has taken a toll on its economy too.
Despite the internal and external challenges Pakistan has faced since its birth, the country's economy has somehow managed to survive.
Here's a compilation of some of the major economic milestones in Pakistan's history, compiled by Dawn's Business and Finance, Weekly team.
A chronology of key economic events in Pakistan since independence
September 26, 1947
Quaid-i-Azam lays the foundation of Pakistan’s first textile mill, Valika.
February 28, 1948
First budget presented by then finance minister, Malik Ghulam Muhammad.
July 1, 1948
Inauguration of State Bank of Pakistan.
Quaid-i-Azam Mohammad Ali Jinnah inaugurates the State Bank of Pakistan in Karachi on July 1, 1948. He is accompanied by Zahid Hussain, the first Governor of the State Bank. — Courtesy National Archives Islamabad
October 1, 1948
First currency notes are issued.
Source: pakistanhotline.com
1948
Government decides to develop five-year economic plans to steer economy.
1949
National Bank of Pakistan is launched.
July 11, 1950
Pakistan becomes a member of the International Monetary Fund (IMF) and World Bank.
1953
Pakistan imports 10,500 tonnes of wheat under PL-480, a controversial US food assistance programme. ‘Thank You, America’ signs dangle from the necks of camels carrying American wheat from the harbour.
1955
Pakistan launches its first economic five-year plan.
January 10, 1955
Pakistan International Airlines (PIA) formed after the nationalisation of Orient Airways.
An early fleet of planes of Pakistan International Airlines (PIA) lined up at the Karachi Airport.
April, 1955
Sui gas supply reaches Karachi.
June 27, 1956
Pakistan signs its first trade agreement with Russia.
1959
Export Bonus Vouchers Scheme and tax incentives are introduced.
July 24, 1959
The foundation of United Bank Limited (UBL) is laid.
January, 1959
Gen Ayub Khan introduces first land reforms in the country.
September 19, 1960
Pakistan and India sign Indus Water Treaty, brokered by the World Bank.
October, 1960
Prize bonds are introduced.
1960
Warsak Dam in Khyber Pakhtunkhwa is inaugurated.
Warsak Dam.
January 1, 1961
Decimal coinage is introduced.
April 1963
Ghandhara Industries are founded in Karachi.
January 1, 1963
National Investment Trust is set up.
January 5, 1963
Pakistan signs its first trade agreement with China.
November 12, 1966
Foundation of Habib Bank Plaza is laid.
Habib Bank Plaza under construction.
August 24, 1967
Pakistan’s first steel mill is inaugurated in Chittagong, East Pakistan (Bangladesh).
1971
Industrial base shrinks after Dhaka fall.
January 2, 1972
Prime Minister Zulfikar Ali Bhutto launches nationalisation programme.
January 30, 1972
Pakistan snaps ties with Commonwealth for recognising Bangladesh as an independent nation.
November, 1972
State Life Insurance Corporation is established.
May 1,1972
Labour Day is observed for first time in Pakistan.
December 30, 1973
Foundation of Pakistan Steel Mills is laid.
December, 1973
Inflation reaches an all-time high of 37.8 per cent.
April, 1974
First dry port inaugurated.
July 27, 1975
Council of Islamic Ideology (CII) recommends to abolish Riba and introduce Zakat.
1976
Tarbela Dam is completed.
Tarbela Dam.
January 5, 1977
Third land reforms are introduced.
1978
Karakorum Highway is opened.
February, 1979
Zakat and Ushr Ordinance is passed.
September 30, 1980
First ship unloads at Port Qasim.
January 1, 1981
Islamic banking is introduced.
1984
Government launches money-whitening scheme.
January 15, 1985
Pakistan Steel Mills is inaugurated.
July 18, 1987
Rs1,000 currency note is issued.
1988
First structural adjustment agreement with IMF.
December 1, 1989
Prime Minister Benazir Bhutto launched First Women Bank Ltd to meet special needs of women.
1989
Pakistan rejoins Commonwealth.
January, 1991
Mobile phone comes to Pakistan.
1991
Prime Minister Nawaz Sharif begins economic liberalisation programme.
1991
Benchmark KSE-100 index launched with a base of 1,000 points.
1992
Yellow cab scheme is launched. ‘Give 15 per cent amount and car is yours; remaining payment in easy instalments’ is the lure.
August 26, 1992
Karachi airport’s Jinnah Terminal is inaugurated. Its construction costs Rs5bn.
1993
Fibre-optic technology arrives in Pakistan.
1994
Mehran Bank scandal (or Mehrangate) surfaces.
September, 1996
Internet services are launched in Pakistan.
1997
Prime Minister Nawaz Sharif launches debt retirement campaign.
November 26, 1997
Country’s first motorway is inaugurated.
May, 1998
Government freezes foreign currency accounts after nuclear tests. US, Japan and other nations impose economic sanctions on Pakistan.
2000
Millennium Development Goals (MDGs) are launched at United Nations Millennium Summit (Sept 6-8).
March 29, 2001
Chashma Nuclear Power Plant is inaugurated.
2001
US starts pouring billions of dollars into Pakistan after 9/11.
2006
Musharraf administration sells off Pakistan Steel in March. Later in June, the Supreme Court blocks the sale.
May 26, 2006
Rs5,000 note is issued.
Rs5,000 note.
2008
Government enters IMF stabilisation programme to ward off balance of payments crisis.
2008
Stocks hit record 15,760 points on April 20. But then KSE-100 index plunges 55pc in next four months, wiping $36.9bn off market value.
2008
Karachi Stock Exchange (KSE) sets a floor for stock prices at 9,144 points below which the index is not allowed to fall. Investors seeking exit get trapped.
July 28, 2010
Country's worst floods begin. Resultant property damage estimated at over $40bn.
May, 2013
China-Pakistan Economic Corridor (CPEC) formalised during the Chinese premier’s visit to Pakistan.
2013
IMF approves $6.7bn loan package to help Pakistan revive its ailing economy.
August 23, 2014
3G and 4G internet services launched on April 23. Auction fetches $1.1bn.
2016
Sustainable Development Goals (SDGs) launched with start of new year.
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