Pakistan's President Announcing His Resignation

The President of Pakistan has begun speaking to the nation and the world. I am listening and writing right now as it is being broadcast live on Al Jazeera.

He is remembering and reflecting on the nine years he has been in power. He reminded the nation of the drought of 2000, the 9/11 tragedy, and the impact it has had on Pakistan. He reflected upon the earthquake. He thanked God for helping him, and noted he believes he led Pakistan through all the challenges. He noted that he put the country's interests above his own. He is also reminding the country of his service as a soldier.

He is right now addressing the allegations drawn up by the government against him. He is rebutting the allegations, point by point. He is noting that he will be releasing a paper on the economic record of his government.

He notes that the GDP growth was at 7% per year during the past eight years. Foreign exchange reserves were around 17 billion dollars. The benchmark Karachi Stock Market index was at its highest. The rate of exchange was about 60 to 1 (60 Pakistan rupees to $1) due to the economic policies of his government.

He is rejecting all allegations and is basically saying that the government is responsible for the drop in foreign exchange reserves, the weakening of the Pakistani rupee and the drop in the stock market. Foreign direct investment is drying up and capital flight is accelerating. He is noting further specifics on the challenges faced by Pakistan since December 2007. He admitted that the massive economic growth of the country overtook the capacity of the government to ensure that appropriate power was available.