Pakistan’s finance minister, Muhammad Aurangzeb, has confirmed the country’s growing poverty challenge following a World Bank report. The report highlights that nearly half of the poorest people in the Middle East regional grouping now live in Pakistan. Aurangzeb spoke during a discussion at the IMF-World Bank Annual Meetings in Bangkok.
Aurangzeb outlined Pakistan’s economic reforms during a symposium in Bangkok. He emphasized the need for urgent action to tackle poverty. The World Bank has pledged to support Pakistan in implementing the Country Partnership Framework more quickly. This framework aims to guide economic development and poverty reduction.
Pakistan was recently included in the Middle East, North Africa, Afghanistan and Pakistan (MENAAP) regional grouping. This inclusion has raised new challenges and opportunities for economic policy. The World Bank and Pakistan have agreed to work closely to accelerate reforms. The focus will be on improving public services and creating jobs.
The poverty challenge has intensified in recent years. Inflation and unemployment have worsened, affecting millions. The government has introduced several measures to stabilize the economy. However, experts warn that more needs to be done to ensure long-term growth.
The Country Partnership Framework is a key tool for aligning national priorities with global development goals. It includes targets for education, health, and infrastructure. The World Bank has committed to providing technical and financial support. This collaboration aims to improve living standards and reduce inequality.
