Pakistan Poverty: Urgent need of loan… World Bank warns, Pakistan’s future shrouded in darkness, ‘flood of poverty’ is coming
[ad_1]
The report forecast sluggish economic growth for the current fiscal with an average inflation rate of 29.5 per cent. The Express Tribune reported that Pakistan’s future was “extremely uncertain” and “shrouded in darkness”. Economic growth of just 0.4 per cent is projected this year and 2 per cent for the next financial year. The average inflation rate for the current financial year is estimated at 29.5 percent and for the next year at 18.5 percent. This shows that the annual inflation rate will be very high.
39 lakh people are going to fall in the grip of poverty
The World Bank has warned that poverty is expected to increase to 37.2 percent in the financial year-2023, which means that an additional 39 lakh people will be in the grip of poverty as compared to the previous financial year. The depth and severity of poverty in Pakistan is increasing rapidly. Securing external debt is critical to bring about massive stability, ‘to restore confidence’ and avert a public debt crisis, the World Bank said.
India and Pakistan will be scorched by ‘wet-bulb’, new form of deadly heat, what is this new scourge?
Saudi Arabia gave the biggest blow
The World Bank criticized the government’s approach of banning imports, which has caused a lot of damage to ‘trust’. In times of crisis, Pakistan has so far only received financial help from China. Pakistan does not see any relief from Muslim friend Saudi Arabia. Saudi Arabia has changed its policy itself. Under the new rules, Saudi Arabia will no longer give unconditional bailout to anyone. The Saudi minister has already said that ‘we tax our people and expect others to do the same’. Pakistan has suffered the biggest blow due to this.
[ad_2]
Source link
