Pakistan's economic development model has failed, it benefits only the elites: World Bank
11 months, 3 weeks ago

Pakistan's economic development model has failed, it benefits only the elites: World Bank

Op India  

In the wake of the economic crisis in Pakistan, World Bank Country Director for Pakistan, Najy Benhassine said that Pakistan’s economic development is limited to the elite which resulted in the country lagging behind its fellow countries, Pak Vernacular media reported. The country director of the World Bank said that the focus of energy reform should be financial stability, better distribution, private sector and focus on generating alternative electricity instead of expensive ones. The World Bank Country director said action was needed to change policies holding back development. The World Bank country director emphasised that fiscal management must be drastically improved, and debt servicing costs and domestic revenue mobilisation are at unsustainable levels, leaving inadequate resources to invest in human development and infrastructure, address economic challenges, and adapt to a changing climate.

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History of this topic

Pakistan economy grows faster than expected buoyed by IMF loan, lower rates
2 months, 3 weeks ago

Pakistan economy grows faster than expected buoyed by IMF loan, lower rates

Hindustan Times  

Pakistan’s economy grew faster than expected last quarter as funds from the International Monetary Fund and lower interest rates buoyed activity. Pakistan's GDP rose 3.07% in the last quarter, aided by IMF funds and lower borrowing costs. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Gross domestic product rose 3.07% in the three months to June from a year ago, the Pakistan Bureau of …

Imran Khan warns of 'Parochialism' as pakistan faces economic collapse & terrorism
3 months, 3 weeks ago

Imran Khan warns of 'Parochialism' as pakistan faces economic collapse & terrorism

Firstpost  

Imran Khan has warned that Pakistan’s fragile economy, exacerbated by political instability and terrorism, risks falling into parochialism, hampering investment and national unity. Former prime minister Imran Khan has said that Pakistan is at risk of parochialism as political instability and terrorism have brought the economy to the verge of collapse. The 71-year-old Pakistan-Tehreek-e-Insaf: founder on Friday said the fragile …

Can Pakistan’s allies help revive its economy through investment dollars?
6 months ago

Can Pakistan’s allies help revive its economy through investment dollars?

Al Jazeera  

Pakistani PM Shehbaz Sharif visited China, Saudi Arabia and the UAE recently searching for investments. Islamabad, Pakistan — In a series of trips over the past three months, Pakistan Prime Minister Shehbaz Sharif has tried to convince the debt-strapped country’s three closest allies — China, Saudi Arabia and the United Arab Emirates — to invest in the nation, as its …

Is Pakistan’s crisis-ridden economy finally recovering?
6 months, 1 week ago

Is Pakistan’s crisis-ridden economy finally recovering?

Al Jazeera  

Ahead of the country’s budget on Wednesday, inflation is down, forex reserves are up. Islamabad, Pakistan – The Pakistani government will present its annual budget on Wednesday, seeking to balance domestic commitments to the country’s 240 million people and demands of fiscal prudence from the International Monetary Fund – a key source of loans. Sharif recently travelled to Saudi Arabia, …

Pakistan votes today amidst polarization, violence, and economic crisis
10 months, 2 weeks ago

Pakistan votes today amidst polarization, violence, and economic crisis

Live Mint  

Pakistan is set to vote for the their 12th general elections today. Meanwhile, cricketer-turned-politician Imran Khan, founder of Pakistan Tehreek-e-Insaaf and considered one of the most popular leaders in the country, is incarcerated in Adiala jail on multiple charges. Meanwhile, amid escalating political tensions and Pakistan's ongoing economic crisis, Nawaz Sharif aims to articulate his vision for addressing the multifaceted …

Pakistan’s election: Can the next government bring economic stability?
10 months, 2 weeks ago

Pakistan’s election: Can the next government bring economic stability?

Al Jazeera  

There will be no honeymoon period for winners of this week’s pivotal 2024 polls as economic challenges loom large. As the country found itself at a precarious juncture, then-Prime Minister Shehbaz Sharif managed to secure a crucial bailout package from the International Monetary Fund – its 23rd fund programme since 1958 – just weeks before the government’s term expired. ‘Anti-populist’ …

In Pakistan, old hopefuls jostle to turn around struggling economy
10 months, 2 weeks ago

In Pakistan, old hopefuls jostle to turn around struggling economy

Al Jazeera  

Pakistani voters head to the polls on Thursday amid a deep-seated economic crisis. Inflation, which reached nearly 30 percent in December, has been climbing since the start of last year after Pakistan’s central bank agreed to liberalise its exchange rate as part of a pre-existing IMF programme. “This will lower Pakistan’s current account deficit as goods from abroad will become …

Pakistan's economic model is not working and benefits elite only, says World Bank.
11 months, 3 weeks ago

Pakistan's economic model is not working and benefits elite only, says World Bank.

Firstpost  

Cash-strapped Pakistan’s economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked inflation, making it almost impossible for a vast number of people to make ends meet. Pakistan’s existing economic model is not working, a top World Bank official has said, adding that emphasising the …

Pakistan’s current economic model is not working: World Bank
11 months, 3 weeks ago

Pakistan’s current economic model is not working: World Bank

Hindustan Times  

Pakistan’s current economic model is not working, a top World Bank official has said, underlining that the cash-strapped nation must change policies that have plagued development and benefitted only a few. Pakistan’s current economic model is not working since it has fallen behind its peers, significant progress in poverty reduction has now started to reverse. Pakistan’s current economic model is …

75 years after independence, 40% Pakistanis live below poverty line
1 year, 3 months ago

75 years after independence, 40% Pakistanis live below poverty line

Live Mint  

As Pakistan grapples with an ongoing economic crisis, the World Bank has issued a stark warning: the country's current economic model is no longer effective in reducing poverty. Najy Banhassine, the World Bank’s Country Director for Pakistan, pointed out that the nation's policy decisions are heavily swayed by a coalition of strong vested interests. “It is also facing a ‘silent’ …

‘Pakistan's economic model no longer reduces poverty’: World Bank's warning
1 year, 3 months ago

‘Pakistan's economic model no longer reduces poverty’: World Bank's warning

Hindustan Times  

Ahead of the impending election in Pakistan, the World Bank on Saturday issued a warning to the incoming government that the international lenders and development partners can provide advice or financial aid but the crucial decisions must be made by the country itself. REUTERS/Akhtar Soomro TPX IMAGES OF THE DAY The country director for the World Bank in Pakistan, Najy …

95 million Pakistanis under poverty, urgent reforms needed to achieve economic stability: World Bank
1 year, 3 months ago

95 million Pakistanis under poverty, urgent reforms needed to achieve economic stability: World Bank

The Hindu  

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, the World Bank has said, as it urged the cash-strapped country to take urgent steps to achieve financial stability. Poverty in Pakistan rose within one year from 34.2% to 39.4%, with 12.5 million more …

‘Pakistan’s economic model…’: World Bank warns as 95 mn fall below poverty line
1 year, 3 months ago

‘Pakistan’s economic model…’: World Bank warns as 95 mn fall below poverty line

Live Mint  

Pakistan's financial woes prompted an urgent warning from the World Bank on Friday as millions more fell below the poverty line. “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. According to the latest draft policy notes unveiled by the …

Pakistan: 95 million people living under poverty as living standards fall, reveals World Bank
1 year, 3 months ago

Pakistan: 95 million people living under poverty as living standards fall, reveals World Bank

India TV News  

The World Bank has revealed that poverty in the cash-strapped Pakistan has risen by 39.4% since the last fiscal year, pushing an additional 12.5 million people below the poverty line. In its draft policy notes prepared with the help of all stakeholders for Pakistan's next government, the World Bank said that an additional 12.5 million people have been pushed into …

95 million Pakistanis in poverty, urgent reforms needed for stability: World Bank
1 year, 3 months ago

95 million Pakistanis in poverty, urgent reforms needed for stability: World Bank

India Today  

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. Poverty in Pakistan rose within one year from 34.2 per cent to 39.4 …

Pakistan army steps in to repair tattered economy, experts say it's likely to fail
1 year, 3 months ago

Pakistan army steps in to repair tattered economy, experts say it's likely to fail

India Today  

In a desperate attempt, Pakistan's military leadership has stepped in to tackle the economic crisis, which is fuelling protests across the Islamic nation. Pakistan's army chief General Asim Munir on Saturday held a series of meetings with 50 prominent businessmen after protests by traders over soaring prices. Asad Sayeed said Pakistan should stop chasing “magic bullets” to fix its economy. …

Pakistan’s economy to grow by 2% in the next fiscal year, says World Bank
1 year, 6 months ago

Pakistan’s economy to grow by 2% in the next fiscal year, says World Bank

The Hindu  

The World Bank has projected Pakistan’s economy to grow by 2% in the next fiscal year, much lower than the 3.5% target set by the National Economic Council, the country's top economic body, saying the lasting effects of the August 2022 floods, along with policy uncertainty and limited foreign exchange resources have depressed activity in the country. “In Pakistan, the …

Number theory: Why Pakistan's current account surplus may spell bad news for the economy
1 year, 6 months ago

Number theory: Why Pakistan's current account surplus may spell bad news for the economy

Hindustan Times  

Pakistan recorded a surplus in its current account for the second consecutive month in April, as per the data released by the State Bank of Pakistan on May 17, shrinking the ongoing fiscal year’s current account deficit by a massive 76% to $3.3 billion in July-April compared to the same period last year. See Chart 1: Revisions in IMF projections …

Pakistan unemployment at its peak: Over 10 lakh lost jobs in past few months amid economic slowdown
1 year, 7 months ago

Pakistan unemployment at its peak: Over 10 lakh lost jobs in past few months amid economic slowdown

India TV News  

Pakistan economic crisis: As Pakistan is facing the worst-ever financial crisis, unemployment among young people has created a record, pushing the country into another havoc, Dawn reported on Saturday. Over 5 lakh lost their jobs in industrial sector In four industrial sectors of Karachi and the countrywide auto vending units, stakeholders claimed that “over 5,00,000 people have faced joblessness.” Quoting …

World Bank estimates decline in Pakistan's GDP per capita income to USD 1,399
1 year, 8 months ago

World Bank estimates decline in Pakistan's GDP per capita income to USD 1,399

Hindustan Times  

The World Bank has estimated a drop in GDP per capita income for Pakistan from USD 1,613.8 in 2021-22 to USD 1,399.1 in 2022-23, Business Recorder reported. In its report 'Macro Poverty Outlook for Pakistan: April 2023', the bank noted that GDP per capita growth is estimated at -1.5 per cent in 2022-23 in comparison to 4.2 per cent in …

Imran Khan says Pakistan will struggle to escape its 'slowly shrinking’ economy
1 year, 8 months ago

Imran Khan says Pakistan will struggle to escape its 'slowly shrinking’ economy

Hindustan Times  

Pakistan will struggle to escape from its ‘slowly shrinking’ economy which is marred the cycle of debilitating debt repayments, country's former Prime Minister Imran Khan said. In an interview with Financial Times, the Pakistan Tehreek-e-Insaf chief said the country is ‘stuck’ in between economic crises and asked whether the solution to it is by getting more loans or ‘restructure the …

Pakistan needs urgent foreign loans to avoid debt crisis, World Bank warns
1 year, 8 months ago

Pakistan needs urgent foreign loans to avoid debt crisis, World Bank warns

Hindustan Times  

The World Bank has said that various economic shocks have resulted in nearly four million Pakistanis getting pushed into poverty this fiscal year, The Express Tribune reported. The World Bank also called on Pakistan to immediately arrange for new foreign loans to avoid a "public debt crisis." The World Bank called on Pakistan to immediately arrange for new foreign loans …

From the India Today archives (2023) | Pakistan's fast emptying coffers
1 year, 8 months ago

From the India Today archives (2023) | Pakistan's fast emptying coffers

India Today  

We have never defaulted in the past and we won't default now," asserted Pakistan's federal minister for finance Ishaq Dar on March 3, looking irritated at the persistent questions journalists were lobbing at him at a press conference. His irritation stemmed from ongoing speculation about the country's crisis-wracked economy; the latest blow dealt by credit ratings agency Moody's, which had …

Pakistan is Irrelevant to India’s Rise - News18
1 year, 8 months ago

Pakistan is Irrelevant to India’s Rise - News18

News 18  

The Pakistan economy is caught in a death spiral, coming out of which is no longer possible with the traditional tools of living on the dole from ‘friendly’ countries like China, Saudi Arabia and the United Arab Emirates. The good news for Pakistan is that some Pakistanis – a few sensible ones – have increasingly been talking of the need …

Crisis after Crisis: Political Instability, Failing Economy, Terrorism Haunt Pak Since Regime Change
1 year, 8 months ago

Crisis after Crisis: Political Instability, Failing Economy, Terrorism Haunt Pak Since Regime Change

News 18  

Following Imran Khan’s exit in 2022 via a no-confidence vote, Pakistan has been mired in several crises under the Shehbaz Sharif-led Pakistan Democratic Movement’s coalition government. Here are the main six crises that are haunting Pakistan: Political Crisis: When the PDM combine submitted the no-confidence motion against former Pakistan prime minister Imran Khan, it triggered a political crisis. The protest …

Pakistan’s perfect storm: An economic crisis meets a political one
1 year, 9 months ago

Pakistan’s perfect storm: An economic crisis meets a political one

Hindustan Times  

Pakistan’s news cycle has shifted from bailout negotiations with the IMF to pitched battles between former prime minister Imran Khan’s supporters and security forces. See Chart 2: Monthly inflation in Pakistan Imran Khan outside power is far more popular than Imran Khan in power Data from Gallup Pakistan, an affiliate of a global survey research agency, shows that Imran Khan …

Low on food, high on nukes: Why is bankrupt Pakistan focused on its nuclear programme amid worst crisis?
1 year, 9 months ago

Low on food, high on nukes: Why is bankrupt Pakistan focused on its nuclear programme amid worst crisis?

Firstpost  

Pakistan is facing its worst economic crisis. Instead of focusing on acquiring a bailout from the International Monetary Fund to ease the troubles of its common man, the government is focused on its nuclear programme, with Pakistan’s finance minister Ishaq Dar, while responding to a question on the cash crunch, on Thursday said that his government will not compromise anything …

The fall and fall of Pakistan
1 year, 9 months ago

The fall and fall of Pakistan

New Indian Express  

How it all came tumbling down 1958-68: General Ayub’s non-liberal policies of the capitalist model increases income inequality 1970s: During Zulfiqar Ali Bhutto’s reign, there was a recession in exports, the partition of East Pakistan, the floods of 1974 and locust attacks. His nationalisation policies became the major reason for the loss of industrial units and private investment 1998: Pakistan …

High taxes, cost-cutting formula: How Pakistan is dealing with economic crisis?
1 year, 10 months ago

High taxes, cost-cutting formula: How Pakistan is dealing with economic crisis?

Live Mint  

Pakistan has been spiraling into a deep economic crisis as the country's rupee is falling down, fuel prices shooting up, and taxes on luxury goods rising. Pakistan's cost-cutting formula Pakistan Prime Minister Shehbaz Sharif has asked his ministers and advisers to fly economy class, forgo luxury cars and their salaries as part of an austerity drive that will save the …

Its future depends on its choices and actions: Jaishankar on Pakistan economic crisis
1 year, 10 months ago

Its future depends on its choices and actions: Jaishankar on Pakistan economic crisis

India Today  

Pakistan's future will be largely determined by its own actions and choices, and it is for the neighbouring country to find a way out of its economic troubles, said External Affairs Minister S Jaishankar in an interview with the news agency ANI. A few days ago, Pakistan minister and PML-N leader Khwaja Asif said that people must have heard that …

Pakistan economic crisis: Many firms closed, inflation high, forex reserve falls
1 year, 10 months ago

Pakistan economic crisis: Many firms closed, inflation high, forex reserve falls

Live Mint  

Pakistan economic crisis: Several biggest companies in the crisis-hit country have halted operations as they ran out of raw materials or foreign exchange which has compounded the troubles of an economy that's trying to avert a debt default, as per Bloomberg reports. Ghandhara Tyre & Rubber Company, which manufactures tires and tubes for automobiles, shut its plant on February 13, …

Data | Why is Pakistan’s economy collapsing? Explained in charts
1 year, 10 months ago

Data | Why is Pakistan’s economy collapsing? Explained in charts

The Hindu  

Pakistan’s economy is on the brink of collapse. Foreign exchange reserves with the State Bank of Pakistan dipped to $3.08 billion in the week ending January 27, 2023. Chart 3 shows the week-wise foreign exchange reserves held by Pakistan’s central bank. Chart 6 shows financial year-wise Pakistan’s total debt and liabilities in billion PKR. Source: State Bank of Pakistan, Economic …

Allah responsible for progress, prosperity of Pakistan, says minister Isaac Dar
1 year, 10 months ago

Allah responsible for progress, prosperity of Pakistan, says minister Isaac Dar

Firstpost  

Islamabad: Even as Pakistan endures an ever spiralling economic crisis, the country’s finance minister Isaac Dar has come up with a hilarious statement. Pakistan’s Finance Minister Isaac Dar has said that Allah is responsible for the prosperity and development of his country. Speaking at the inauguration ceremony of the Green Line train service in Islamabad, Dar said that he has …

Pakistan staring at loan default, economic collapse
1 year, 10 months ago

Pakistan staring at loan default, economic collapse

Hindustan Times  

Pakistan’s media has taken external affairs minister Subrahmanyam Jaishankar’s invite to his counterpart Bilawal Zardari for the Shanghai Cooperation Organization foreign ministers meeting in May as a sign of thaw with India post PM Shehbaz Sharif’s offer of dialogue with India, facts on ground are to the contrary. Even though the votaries of India-Pak dialogue and the conflict resolution industry …

Bankrupt Pakistan on verge of starvation as IMF delays loan
1 year, 11 months ago

Bankrupt Pakistan on verge of starvation as IMF delays loan

Firstpost  

The IMF had termed Pakistan as the weakest economy in South Asia. According to the World Bank’s Global Economic Prospects report, Pakistan’s economic growth rate this year will be only 1.7% Islamabad: The current economic situation of Pakistan is getting worse with each passing day. According to a report by Al Arabiya Post, if the International Monetary Fund program is …

Want to see Pakistan in an economically sustainable position: U.S.
1 year, 11 months ago

Want to see Pakistan in an economically sustainable position: U.S.

The Hindu  

The United States wants to see Pakistan in an economically sustainable position, an official spokesperson said, amid reports that the South Asian country's foreign exchange reserves are fast running out. According to reports, Pakistan's foreign exchange reserve dropped to $4.3 billion last week, which is said to be enough for three weeks of imports. We want to see Pakistan in …

World Bank cuts Pakistan’s GDP growth projection to 2 percent
1 year, 11 months ago

World Bank cuts Pakistan’s GDP growth projection to 2 percent

Al Jazeera  

Islamabad, Pakistan – Predicting a difficult year ahead for Pakistan, the World Bank has revised the country’s growth projections from 4 percent in June last year to 2 percent for the current fiscal year, citing “precarious economic situation, low foreign exchange reserves and large fiscal and current account deficits” among the primary reasons. The bank, in its Global Economic Prospects …

Explained | Will shutting markets fix Pakistan’s economy?
1 year, 11 months ago

Explained | Will shutting markets fix Pakistan’s economy?

The Hindu  

The story so far: In the face of an unrelenting financial crisis and dwindling foreign exchange reserves, the Pakistani government has come up with measures to save energy and reduce its energy bill. In the year gone by, the country’s foreign exchange reserves dwindled to a little over $9 billion, the rough equivalent of the country being able to pay …

Imran Khan: ‘This government will push Pakistan to the brink’
2 years, 2 months ago

Imran Khan: ‘This government will push Pakistan to the brink’

Al Jazeera  

Ex-PM attacks the government over its handling of the flood-ravaged economy and once again calls for swift elections. Islamabad, Pakistan – Imran Khan, the former prime minister of Pakistan, has attacked the government over its handling of the economy and has once again called for swift elections in the country. ‘Long march’ In his briefing on Thursday, he announced plans …

Pakistan Economy is Drowning But Not Because of Floods - News18
2 years, 3 months ago

Pakistan Economy is Drowning But Not Because of Floods - News18

News 18  

On 29 August 2022, the International Monetary Fund executive board gave its nod for restoring the Enhanced Fund Facility for Pakistan. Worse, the IMF programme has at best given a breather and isn’t a panacea for the deep structural problems that have made the Pakistan economy unsustainable, even unviable. If hostility with India has forced ruinous defence spending on Pakistan, …

Pakistan could’ve averted the climate catastrophe it’s facing
2 years, 3 months ago

Pakistan could’ve averted the climate catastrophe it’s facing

Live Mint  

If you’re looking for an emblem of why Pakistan will struggle to recover from the floods that have killed more than 1,000 since June, consider its latest bailout from the International Monetary Fund agreed Monday. Flood management forms one of the biggest parts of China’s budget, with $144 billion invested in these projects in 2017, amounting to a larger sum …

Pakistan’s economic muddling and the IMF challenge
2 years, 6 months ago

Pakistan’s economic muddling and the IMF challenge

The Hindu  

The Pakistani rupee has been falling continuously; from 150 in April 2021 to 213 against the dollar on 21 June, an all-time low. The immediate future of Pakistan’s economy would depend on IMF resuming its support. The IMF wants Pakistan “to address high inflation and the elevated fiscal and current account deficits, while ensuring adequate protection for the most vulnerable.” …

Pakistan PM Shehbaz Sharif lays stress on 'political stability' for economic growth
2 years, 6 months ago

Pakistan PM Shehbaz Sharif lays stress on 'political stability' for economic growth

India TV News  

Highlights Goals set in "charter of economy" should remain unchanged: Pakistan PM Shehbaz Sharif Country's economy cannot be streamlined without political stability, said Shehbaz Sharif Pakistan government will make well-structured industrial zones, said PM Shehbaz Sharif Pakistan news updates : Stressing the need for political stability for economic growth, Pakistan Prime Minister Shehbaz Sharif said that no matter what happens, …

India Must Exploit Pakistan’s Economic Crisis, Not Give in to Prithviraj Chauhan Syndrome
3 years ago

India Must Exploit Pakistan’s Economic Crisis, Not Give in to Prithviraj Chauhan Syndrome

News 18  

On July 2, 1999, some two months into the limited war being fought between India and Pakistan on the icy heights in the Kargil sector, a meeting of the Defence Committee of the Cabinet was called in Islamabad. Pakistan’s Economic Mess In India, one of the pet subjects for brainstorming in seminars and conferences is the ‘fault lines of Pakistan’. …

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