Posted 12/28/2023, 12:19:11 PM
World Bank: Pakistan's Economic Model Only Benefits Elite, Urgent Reforms Needed to Reduce Poverty and Promote Inclusive Growth
- Pakistan's economic model has failed, only benefits elite people according to World Bank country director Najy Benhassine
- Poverty is increasing despite efforts to reduce, indicating a need for policy changes
- Current economic development primarily benefits limited group; country faces challenges from environmental changes
- Suggested reforms energy - achieve financial stability, better distribution, private sector involvement, promote alternative electricity; agriculture - remove subsidies and price restrictions that hinder smallholder farmers
- World Bank director stresses urgent need for reforms in fiscal management, government spending, promoting free economy and growth to enhance quality of life