ISLAMABAD (Daily Point) — The World Bank has officially labeled Pakistan’s economic model as ineffective, expressing concern that despite past reductions in poverty, there is now an alarming resurgence in poverty levels.
World Bank Country Director Najy Benhassine stated that Pakistan’s economic model has proven to be inefficient, with the benefits of economic development disproportionately favoring the elite class.
“The quality of economic development in Pakistan is unsustainable, with limited scope and benefits concentrated among a select few. Advocacy for a shift in policy is gaining momentum,” emphasized the World Bank Country Director.
Highlighting Pakistan’s lag behind other nations and the looming threat of climate change, Benhassine urged addressing deficiencies in the energy and agriculture sectors. He stressed the need for reforms in the energy sector, with a focus on financial stability, better resource distribution, and an emphasis on alternative electricity solutions instead of inflation.
Benhassine underscored that the reform process in Pakistan has stalled, necessitating a change in policy to ensure a brighter future. He called for unity among Pakistanis to overcome challenges.
Pointing out the instability in costs, systems, and income sources within Pakistan, Benhassine remarked that expenditure on people and infrastructure development is limited. He urged the government to undertake necessary reforms in its expenditure to achieve stability and sustainable economic growth.
