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ISLAMABAD: Poverty in Pakistan shot up to 39.4% as of last fiscal year, with 12.5 million more people falling into the trap due to poor economic conditions, the World Bank has said, as it urged the cash-strapped country to take urgent steps to achieve financial stability.
The Washington-based lender on Friday unveiled draft policy notes that it prepared with the help of all stakeholders for Pakistan’s next government ahead of the new election cycle, The Express Tribune newspaper reported.
Poverty in Pakistan rose within one year from 34.2% to 39.4%, with 12.5 million more people falling below the poverty line of the $3.65 per day income level, according to the World Bank. About 95 million Pakistanis now live in poverty, it said.
“Pakistan’s economic model is no longer reducing poverty, and the living standards have fallen behind peer countries,” said Tobias Haque, the World Bank’s lead country economist for Pakistan. The global lender urged Pakistan to take urgent steps to tax its ‘sacred cows’ agriculture and real estate and cut wasteful expenditures in an effort to achieve economic stability through steep fiscal adjustment of over 7% of the economy.
The Washington-based lender on Friday unveiled draft policy notes that it prepared with the help of all stakeholders for Pakistan’s next government ahead of the new election cycle, The Express Tribune newspaper reported.
Poverty in Pakistan rose within one year from 34.2% to 39.4%, with 12.5 million more people falling below the poverty line of the $3.65 per day income level, according to the World Bank. About 95 million Pakistanis now live in poverty, it said.
“Pakistan’s economic model is no longer reducing poverty, and the living standards have fallen behind peer countries,” said Tobias Haque, the World Bank’s lead country economist for Pakistan. The global lender urged Pakistan to take urgent steps to tax its ‘sacred cows’ agriculture and real estate and cut wasteful expenditures in an effort to achieve economic stability through steep fiscal adjustment of over 7% of the economy.
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