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| In a significant and timely move, Pakistan President Pervez Musharraf resigned on Monday minutes after giving a speech to his country in which he outlined his achievements and flayed attempts to impeach him. |
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In a significant and timely move, Pakistan President Pervez Musharraf resigned on Monday minutes after giving a speech to his country in which he outlined his achievements and flayed attempts to impeach him. “In last nine years I have worked very hard and faced all challenges. I have withstood every challenge. We have seen growth in everything from GDP to foreign exchange reserve,” he said in his speech.
Musharraf said, “I wanted to help the Government but they never listened to me. Now they want to impeach me. No charge will be proved against me. Impeachment will never be right for the country. Impeachment will be defeat to the country. Keeping everything in mind, I have decided to resign. God was always kind (and) we faced every challenge. This day is important for me. I have to take an important decision. I have fought two wars for Pakistan and still have enthusiasm for another.”
Speculation that the former army chief and US ally will resign had been mounting since the coalition government, led by the Pakistan People’s Party, said in August it planned to impeach him. Prolonged jockeying and uncertainty over Musharraf's position has hurt Pakistan's financial markets and raised concern in Washington and among other allies it is distracting from efforts to control violent militants in the nuclear-armed nation. The ruling coalition had prepared impeachment charges against Musharraf focusing on violation of the constitution and misconduct. Coalition officials had indicated that Musharraf could quit and avoid impeachment.
Coalition officials said last week Musharraf was ready to quit but was demanding immunity from prosecution. Musharraf has been isolated since his allies lost a February election. All four provincial assemblies have passed resolutions in recent days pressing him to resign and several old allies have joined the campaign against him.
The political battling over Musharraf's fate has sapped investor confidence and there has been criticism it has taken government attention away from economic problems. Pakistani stocks are near two-year lows, while its currency has lost nearly a quarter of its value this year. Pakistan also faces major fiscal problems, with Saudi Arabia's help critical to defer an estimated $5.9 billion worth of oil payments.
Musharraf, 65, came to power in a 1999 coup and has anchored Pakistan's alliance with the United States, especially since Pakistan signed up for the US-led campaign against terrorism after the September 11, 2001 attacks. He promoted an investor-friendly environment and oversaw good growth and surging stocks until this year.
Following are some of the political, economic and diplomatic implications of his resignation.
INTERNAL POLITICS
* Opposition to Musharraf has bonded rival parties in the coalition government. His departure could see them drift apart.
* The Pakistan People's Party of assassinated former prime minister Benazir Bhutto leads the coalition, with former prime minister Nawaz Sharif's Pakistan Muslim League (Nawaz) its main partner. The two main civilian parties are old rivals and despite recent cooperation, will compete in the next election.
SECURITY
* The coalition government has vowed full commitment to the campaign against violent militancy. Despite questions over its policy of trying to negotiate with militants, recent operations in the northwest should have reassured Washington and other allies the government will match Musharraf's security efforts.
* The military plays a dominant role in security policy, and its cooperation with the new government has been smooth.
FOREIGN RELATIONS
* The United States, apparently resigned to Musharraf's exit, says Pakistan's leadership is a Pakistani matter. Ties between the new government and Washington are good and should remain so as long as the latter is satisfied the government is doing enough to stop militancy, in particular attacks into Afghanistan.
* The new government is committed to the peace process with India launched under Musharraf in 2004.
ECONOMY
* The government has vowed to turn its attention to economic problems after Musharraf leaves. Inflation is at its highest in years, and trade and fiscal deficits are widening. High oil prices have depleted foreign reserves while the rupee has lost about a quarter of its value this year. An end to the uncertainty over Musharraf should ease investor worry. Stocks rose 3.6 percent on Friday as investors cheered his possible departure as a milestone toward easing tension.
THE NEXT PRESIDENT
* Who becomes next president could depend on the powers the position retains. Musharraf has authority to dismiss parliament and make top military and judicial appointments. Coalition partners vow to strip the presidency of those powers and make it a largely ceremonial post.
However, analysts say Bhutto's widower, Asif Ali Zardari, might want the job, in which case he will want to keep the powers. Zardari has also suggested the next president might be a woman.
Newspapers have speculated an ethnic Pashtun leader, Asfandayr Wali Khan, whose liberal party is part of the coalition, might get the job.
The president is elected by the four provincial assemblies and the national parliament.
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