WB says Pakistan's current economic model not working

Pakistan's current economic model was not working, World Bank Country Director Najy Benhassine has said, underlining that the country needs to overhaul its economy and focus on generating alternative electricity instead of through expensive.

The remarks by Benhassine came in an article, published in the latest UNDP publication. In his article, he portrayed a dismal picture of the economy, saying that the country lagged behind its peers, while the reduction in poverty had started reversing.

Read World Bank approves $350m package

He regretted that the benefits of growth had been limited to the elite. There had been a growing perception that policy change was necessary and defects in agriculture and energy sectors should be removed, he said. However, he warned that past experience showed that reforms were blocked.

Benhassine emphasised that Pakistan had an opportunity to have a bright future. For that he added government spending also needed reforms. He suggested that a free economy and growth would improve the living standard.