There is also no evidence that economic growth was threatened. The growth figures were stable, and there was no real negative movement in the stock exchange. The only issue that the president could possibly be referring to is the steel mill case. The government was hell-bent on selling an expensive state asset to some parties who were reportedly close to the banker prime minister, Shaukat Aziz. The judiciary can certainly be accused of blocking such a deal and pulling up the government for disposing of state assets through a process which lacked transparency and accountability.

Since the government has cited the threat of economic downturn as a reason, it will now make all efforts to stop the stock exchange from crashing on Monday and convince investors not to withdraw funds. It may even try to inject funds to prop up the stock markets. There can, however, be no denying that the declaration of emergency does not bode well for the country, its institutions and society. Talk to people on the streets and they will tell you how this is just an act of self-protection on the general’s part and a move to protect the interests of the armed forces.

However, growing public resentment against the military would indicate a wrong reading of the situation: the bulk of the officers and soldiers do not benefit from this decision. Members of the armed forces are conscious of the impact this decision will have on their own reputation. According to one unnamed source, Musharraf stands alone in this decision. Indeed, he looked very shaky in delivering his speech on television on Saturday night.

... contd.