Tag: World Bank
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World Bank projects only 1.7% growth for Pakistan in FY 2023-24 amid economic challenges
The World Bank has issued a cautious outlook for Pakistan’s economy in the fiscal year 2023–24, projecting a modest growth rate of 1.7 per cent.
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40% children in Pakistan suffer from malnutrition
A recent report by the World Bank has revealed that 40 per cent of children in Pakistan are suffering from food insecurity, adding that most children under the age of five do not have access to clean water and do not have toilet facilities. The report also highlights the significance of the first 1000 days…
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World Bank proposes tax reforms with 3% GDP growth projection for Pakistan
The World Bank has advised Pakistan to implement taxes on the agricultural and real estate sectors and merge the income thresholds for salaried and non-salaried individuals to create a progressive Personal Income Tax (PIT) system.
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World Bank reverses suggestion to tax Pakistanis earning below Rs50,000
The World Bank has retracted its previous recommendation to include individuals earning less than Rs50,000 in the tax system. This reversal comes as the Federal Board of Revenue (FBR) reports that the salaried class has outperformed exporters and the real estate sector in tax contributions over the last three months.
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Pakistan’s economy to recover, but challenges remain: World Bank
Pakistan’s economic outlook, as per the World Bank’s ‘Pakistan Development Update,’ is challenging. The report projects a gradual recovery in real GDP growth, expecting it to reach 1.7 per cent in FY24 and 2.4 per cent in FY25. However, it warns that this recovery is contingent on implementing IMF measures, securing external financing, and maintaining…
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IMF spokesperson urges fair taxation and protection for vulnerable in Pakistan
The International Monetary Fund (IMF) has emphasised that its $3 billion Standby Arrangement (SBA) programme with Pakistan serves as a critical policy framework. This framework addresses both domestic and international economic imbalances while also facilitating financial support from various donors, including the refinancing of outstanding debts.
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World Bank urges urgent economic reforms in Pakistan to tackle rising poverty
The World Bank has issued a grave warning regarding Pakistan’s economic state, urging the nation to take swift action. They propose taxing key sectors like agriculture and real estate while reducing wasteful expenditures to stabilise the economy. This endeavour aims for a significant fiscal adjustment, equivalent to over 7 percent of Pakistan’s economic size.
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FBR increases ‘green channel’ clearance to 66% for imports and exports
In a significant advancement in trade facilitation, the Federal Board of Revenue (FBR) has decided to increase the clearance of imports and exports through the “green channel” facility from 35 per cent to 66 per cent.
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APCC likely to propose Rs900-1,000 billion macroeconomic framework for budget 2023-24
The Annual Plan Coordination Committee (APCC) is poised to recommend a substantial macroeconomic framework and the size of the federal development outlay amounting to approximately Rs900-1,000 billion for the fiscal year 2023-24. This recommendation comes ahead of the upcoming budget and is expected to shape the economic policies and priorities of the country for the…
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World Bank commits $213 million for Balochistan’s flood recovery and climate resilience
The Board of Executive Directors of the World Bank has granted $213 million in funding to Balochistan for the purpose of improving livelihoods, essential services, and risk protection in communities that were affected by the devastating floods in 2022. This financial assistance is part of a larger program established in collaboration with the government to…