ISLAMABAD: The World Bank has declared Pakistan’s economic model ineffective and said that poverty was reduced considerably in the past, but now poverty is starting to rise again.
According to the details, in one of his statements, World Bank Country Director Najy Benhassine said that the economic model of Pakistan has been proven ineffective, and the benefits of economic development in the country have been limited to the elite.
In the statement, the country director of the World Bank said. “The quality of economic development in Pakistan is not sustainable, the scope of development is limited and people are benefiting within this limited scope. The idea of changing the policy is being promoted.”
The Director of the World Bank said, “Pakistan lags behind its fellow countries. The country is on the brink of climate change, so it is better to address the deficiencies in the energy and agriculture sectors.”
The country director of the World Bank said that the financial stability of the country should be the focus of reforms in the energy sector. “Better distribution of resources, private sector, and instead of inflation, the focus should be on alternative electricity,” he asserted.
Najy Benhassine said that the experience shows that the process of reforms in Pakistan has stopped and the idea of changing the policy has been agreed upon. “The time has come for Pakistanis to unite for a brighter future,” he said.
He said that the cost, system, and sources of income are not stable in Pakistan. “Expenditure on people and infrastructure development is limited,” he said by adding, “The government will have to reform its expenditure.”
