The World Bank has released the Pakistan Development Update Report, according to which emphasis has been placed on sustainable reforms to overcome the economic crisis in Pakistan.
According to this report of the World Bank, Pakistan is facing slow economic growth rate, high inflation. In the current financial year, the economic growth rate of Pakistan is likely to be only 0.4 percent.
According to the report, inflation will remain at a high level of 29.5 percent till June, the reason for the inflation is the increase in energy and food prices.
The World Bank said in its report that the reason for slow economic activity is lack of confidence, the reason for slow economic activity is restrictions on imports, and the destruction of floods.
The report said that tighter fiscal policy was adopted late, setting an informal exchange rate ceiling and depleting foreign exchange reserves.
It also said that Pakistan’s access to capital was reduced due to tight global conditions.
According to the World Bank, Pakistan is facing delays in completing the International Monetary Fund (IMF) program review.
The report also stated that Pakistan is facing an increase in debt and a sharp decline in foreign exchange reserves.