95 mn Pakistanis living in poverty, urgent reforms needed for economic stability: WB

Islamabad, September 23

Poverty in Pakistan shot up to 39.4 per cent 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, a newspaper reported.

Poverty in Pakistan rose within one year from 34.2 per cent to 39.4 per cent, with 12.5 million more people falling below the poverty line of the USD 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. — PTI

Weekly inflation surges 38.66%

Islamabad: Pakistan’s weekly inflation spiked 38.66 per cent on a year-on-year basis, mainly due to a rise in petroleum prices, the Pakistan Bureau of Statistics said on Saturday.