Global News

[ad_1] The lender on Friday also revealed that 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. About 95 million Pakistanis now live in poverty. The Washington-based lender unveiled the draft policy notes that it prepared with the help of all stakeholders for the next government. The lender identified low human development, unsustainable fiscal situation, over-regulated private sector, agriculture and energy sectors as the priority areas for reforms for the next government. It proposed measures – immediately increase the tax-to-GDP ratio by 5% and cut expenditures by about 2.7% of GDP – aimed at putting the unsustainable economy back on a prudent fiscal path. However, the measures suggested were mostly in areas that had been considered as “sacred cows”. “The World Bank is deeply concerned about the economic situation of today,” Tobias Haque, the WB’s lead country economist, said.