It can even dissolve parliament.
Under Pakistan’s constitution, the president may declare a state of emergency if it is deemed that the country’s security is “threatened by war or external aggression, or by internal disturbance beyond” the government’s authority to control.
If a state of emergency is to be extended beyond two months, it must be approved by a joint sitting of parliament, the constitution says.
Kamal Hyder, Al Jazeera’s correspondent in Pakistan, said the state of emergency would give the government greater control and suspend rights such as to free speech.
Now we start the clock on its way back.
update: Musharraf decided against it. Probably because it would be a bad idea and he is rather unpopular at the moment.