World Bank advises Pakistan to take internal steps for economic recovery
Oct 23, 2022
Islamabad [Pakistan], October 23 : World Bank Vice President for South Asia, Martin Raiser on Sunday advised Pakistan to take internal measures along with help from the international community by implementing economic reforms to recover from the cataclysmic floods.
In an interview with Geo News, Raiser talked about Pakistan's situation after facing heavy flooding and said that the country has been badly affected by climate change. He said that the depth of the crisis is unprecedented and added that Pakistan needs a roadmap for flood recovery.
"In order to recover from the devastations caused by floods, Pakistan needs a roadmap," said Raiser.
The vice president of the global lender said that the international community needs to help Pakistan, however, Islamabad also needs to implement financial reforms, reported Geo News.
Raiser said Pakistan would have to take internal steps as the citizens are already disturbed by massive electricity bills.
"This is why the [authorities] are facing losses in distribution and the prices are high," he said.
In this regard, he suggested that it was imperative for Pakistan to bring reforms to its energy sector.
The vice president also said that Finance Minister Ishaq Dar has assured implementation of reforms as they are important for long-term investment, reported Geo News.
On Friday, the World Bank said that Pakistan will have to take "tough" decisions for economic recovery and hoped that the country will focus on reforms as promised.
"We acknowledge that it will be difficult for Pakistan to work on the reforms considering the country's economic situation after the floods as they have caused enormous damage," said the World Bank.
This year's unprecedented flood situation has left one-third of Pakistan underwater and affected approximately 33 million people.
The ongoing crisis has left many regions uninhabitable and unsafe and also caused estimated damage of USD 10 billion.
