Islamabad: Following Pakistan’s economic crisis, the Pak Vernacular media disclosed that Najy Benhassine, the Country Director of the World Bank for Pakistan, claimed that the country was falling behind other nations because the elite were the only ones benefiting from its economic progress.
He asserted that Pakistan’s economic model had failed and that the country was beginning to see a reversal of the notable drop in poverty that had previously happened. He continued by saying that there is a growing realisation that policy changes are necessary and that Pakistan’s current rate of economic growth is unsustainable.
Only the people profit from Pakistan’s meagre economic progress, claims Najy Benhassine. Additionally, he noted that Pakistan’s energy and agriculture sectors need improvement and that the country is subject to environmental change.
The World Bank’s country director thinks that the main goals of energy reform should be the private sector, improved distribution, and financial stability rather than creating expensive electricity.
He stated that although Pakistan has the capacity to become a prosperous nation, the country’s system, debt load, and revenue streams are unsustainable and that not enough money is being invested in infrastructure and human resources.
Development Advocate The speaker cited Pakistan, the UNDP’s quarterly development magazine that provides a forum for Pakistan’s authorities, civil society, and intelligentsia to exchange ideas on crucial development solution pathways in the nation, as evidence of Pakistan’s high vulnerability to climate change and the potentially disastrous effects of climate shocks and natural disasters.
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Mr. Benhassine underlined the need to address policy shortcomings in the agri-food industry. The agriculture sector has to get rid of price caps and subsidies that force smallholder farmers into low-value farming systems and promote resource-intensive, environmentally harmful production methods.
The director of the World Bank believes that policies impeding growth should be modified.
According to a World Bank official, energy sector reforms should strengthen the path towards financial sustainability, lower the extraordinarily high cost of producing electricity by using more renewable energy sources, and increase the efficiency of distribution companies, including through increased private involvement.
“The matter at hand concerns whether individuals in positions of power will seize the chance presented by the current situation to undertake the necessary actions. The World Bank’s country director emphasised that “it is time for Pakistan to unite in the interests of a brighter, more prosperous, and more sustainable future.”
In light of the unsustainable costs of debt repayment and domestic revenue generation, which leave little money for investments in infrastructure and human development, managing financial difficulties, and preparing for climate change, the World Bank’s country director emphasised that significant improvements in fiscal management are necessary.
Najy Benhassine continued by saying that small enterprises need the business climate to be improved the most, that growth and a free market will raise people’s standards of living, and that changes to government expenditure are also necessary.
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