'10 million in Pak may slip into poverty'

The World Bank has painted a grim economic picture of Pakistan in its biannual report, cautioning that over 10 million more people are at risk of descending into poverty in the cash-strapped country.

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The Washington-based lender’s apprehension comes from a sluggish economic growth rate of 1.8 percent, coupled with soaring inflation, a staggering 26 percent in the current fiscal year.

The World Bank’s biannual Pakistan Development Outlook report painted a grim economic picture, indicating that the country is set to miss almost all major macroeconomic targets.

The international lender said the country is anticipated to fall short of its primary budget target, remaining in deficit for three consecutive years, contrary to the International Monetary Fund’s stipulations mandating a surplus.