Pakistan’s economic model failed, only benefits elite people: World Bank – Times of India

Pakistan's economic model failed, only benefits elite people: World Bank - Times of India

New Delhi: The The World Bank Country Director for Pakistan, Naji Benhasin expressed concern over Pakistan’s economy. Development He said that most of the benefits of development are going to the elite due to which Pakistan is lagging behind other nations.
Naji Binhasin said that Pakistan’s economic model has become ineffective and that poverty continues to rise despite efforts to reduce it, signaling the need for policy change. According to Benhasin, current economic growth in Pakistan mainly benefits a limited group, and the country faces challenges from climate change, particularly in the agricultural and energy sectors.
Benhesen suggested that energy reforms should focus on achieving financial stability, ensuring better distribution, involving the private sector, and promoting alternative, affordable power generation rather than expensive options. Recognizing Pakistan’s potential for a bright future, he raised the alarm about the sustainability of the current system, high cost of debt, and limited spending on people and infrastructure development.
He also commented on Pakistan’s vulnerability to climate change and called for action to address the potentially devastating effects of climate shocks and natural disasters. Benhasin called for the removal of subsidies and price restrictions that hinder smallholder farmers and contribute to environmentally harmful farming practices, pointing out policy failures in the agricultural sector.
In the energy sector, he proposed. Reforms To increase financial stability, improve efficiency of distribution companies through increased private participation, and tackle high costs of power generation by promoting renewable energy sources.
“The question is, will those with power and influence use the opportunity created by the current crisis to do what is needed? It is time for a brighter, more prosperous and more sustainable future for Pakistan.” Come together,” the World Bank country director urged.
The World Bank country director stressed the urgent need for significant improvements in financial management. Naji Binhasin said that Pakistan’s debt servicing and revenue mobilization costs have reached unsustainable levels.
Benhesen also highlighted the need for reforms in government spending and said that promoting a free economy and Development The standard of living of the people will increase. He also pointed to the importance of creating a better business environment for small businesses to help them grow and develop.
(with input from agencies)

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