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Top Story April 7, 2021 ISLAMABAD: While presenting a dismal picture about Pakistan’s economy, the World Bank has projected rising public debt, increasing poverty, and low GDP growth in the range of 1.3 percent for the current fiscal year. The WB released Pakistan Development Update on Tuesday and said that the country s Public and Publicly Guaranteed Debt (PPGD) to-GDP ratio is projected to peak at 94.4 percent of GDP by end-FY22 on account of elevated fiscal deficits, before easing to 94.1 percent of GDP by FY23. “The decline in the PPGD-to-GDP ratio will be mainly due to moderately higher economic growth and declining primary deficits” the WB made it clear. ....
‘IMF plan to dampen economy’ World Bank report reveals unemployment, poverty have increased due to pandemic An AFP file image of IMF logo ISLAMABAD: Economic activity in Pakistan will remain dampened in the short term due to the revival of International Monetary Fund (IMF) loan programme while unemployment and poverty have already gone up - with over 30% of rural population slipping into poverty, reveals a new World Bank report. The World Bank’s views about adverse impacts of the IMF programme are also shared by some Pakistani cabinet ministers, who in private told The Express Tribune that the IMF programme could not go till the end unless the harsh, already accepted conditions for electricity prices and taxes were softened. ....
The baseline economic growth forecast, however, is highly uncertain, especially given the third and more-contagious wave of the pandemic currently circulating in the country. AFP/File ISLAMABAD: The resurgence of recent infection rates and slow vaccination coupled with high inflation rate and consolidation policies could impact Pakistan’s nascent and fragile economic recovery and worsen poverty situation, according to a World Bank report. In its flagship ‘Pakistan Development Update-Navigating in Uncertain Times’ released on Tuesday, the World Bank said the country had been showing signs of a fragile economic recovery with a gradual resumption of economic dynamism and was expected to achieve growth rate of 1.3pc and strengthen to an average of 2.7pc in FY23. ....
Market watch: Weak economic cues drag KSE-100 down Benchmark index loses 451.12 points to close at 43,953.58 Shares of 391 companies were traded. At the end of the day, 133 stocks closed higher. PHOTO: REUTERS KARACHI: The stock market continued its descent on Wednesday, following a short-lived recovery a day ago, and fell 451 points owing to weak economic cues. In its report titled Pakistan Development Update – Navigating in Uncertain Times, the World Bank painted a bleak picture of Pakistan, reporting a rise in unemployment and poverty due to Covid-19, which dented investor sentiment. It also anticipated that the economy would grow 1.3% in the ongoing fiscal year compared to International Monetary Fund’s projection of 1.5% economic expansion for Pakistan. ....