WB says Pakistan's economy needs reforms

ISLAMABAD: The World Bank (WB) has said Pakistan’s economy can grow sustainably only if the country adopts productivity-enhancing reforms.

The WB in its report issued on Pakistan’s economy said the country’s economy cannot prosper without adopting reforms of enhancing productivity as per resources.

Pakistan needs to uplift the manufacturing and trade sectors rather than the real state sector. The WB also suggested introducing a trade policy and end anti-import behavior.

For the uplift of the ill economy, the World Bank has also recommended Pakistan increase the ratio of working women which currently stands at 22pc.

Induction of women in the labor force can play a vital role in recovering the economy, the report said. Islamabad also needs to increase the opportunities for foreign investments.

Pakistan is holding talks with the IMF for the revival of the stalled loan program.

Earlier, the International Monetary Fund (IMF) issued an official statement following the conclusion of the 9th review talks on the stalled loan program.

IMF mission chief Nathan Porter, in a statement, said that the timely and decisive implementation of policy measures along with resolute financial support from official partners are critical for Pakistan to successfully regain macroeconomic stability and advance its sustainable development.