Pakistan is grappling with a significant challenge: poverty rates have surged from 34.2% to 39.4% in just one year. This distressing statistic means that nearly 95 million people in Pakistan find themselves mired in poverty, with approximately 12.5 million slipping further into destitution.
The World Bank, an institution specializing in aiding countries with their financial difficulties, has expressed deep concern. They believe that Pakistan’s approach to economic development has not yielded the desired results.
Multiple factors contribute to this predicament. Escalating prices of essential commodities such as food and electricity are exerting additional hardships on the populace. Pakistan is also contending with environmental adversities like floods and droughts, compounding the challenges faced by its citizens.
Moreover, Pakistan confronts deficiencies in its education and healthcare systems. Many children are deprived of adequate nutrition, stunting their growth and hindering their ability to learn effectively. Tragically, some youngsters are falling ill and even succumbing prematurely. This dire situation demands urgent attention and remedial action.
The World Bank has devised a 10-year plan to assist Pakistan. One of their proposals involves bolstering tax collection from agricultural and business sectors, ensuring an equitable tax system. At present, some individuals and companies are evading their fair tax contributions, exacerbating the financial predicament.