75 years after independence, 40% of Pakistanis live below the poverty line; and its economic model is not working
₹299.64 in the interbank market. Analysts attribute this to easing import restrictions, which have increased demand for the US dollar.
These conditions were stipulated in a $3 billion loan programme from the International Monetary Fund (IMF). The World Bank has stated that Pakistan's real per capita growth rate was a mere 1.7% between 2000 and 2020.
This is less than half the average growth rate for South Asian countries over the same period. Equally troubling is the human development crisis the country faces, particularly high rates of child stunting and poor learning outcomes.
The report highlights that previous successes in poverty reduction until 2018 have been reversed. It urges Pakistan to overhaul its service delivery and social protection systems, particularly targeting the most vulnerable, including children and women.
It also calls for a shift from inefficient and rigid public spending to prioritised investment in public services and climate adaptation. (With ANI inputs)"Exciting news! Mint is now on WhatsApp Channels
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