Electronic income

34% of Pakistan’s people live on just $3.2 a day: World Bank

The World Bank said 34% of Pakistan’s population lived on just $3.2 or Rs 588 Pak a day, Express Tribune reported.

The Pakistan Development Update – the semi-annual report published by the Washington-based lender – also said soaring inflation was disproportionately affecting poor and vulnerable households who spend a relatively larger share of their budget on food and energy. .

The poor spend about 50% of their total consumption on food, according to the World Bank. He pointed to Pakistan’s leading indicators deteriorating further in the current financial year, seeking urgent measures to tighten the fiscal belt to ensure debt sustainability.

Poverty measured at the lower middle class poverty line of $3.2 in 2011 purchasing power parity per day was estimated at 34 percent in the last fiscal year. The ratio was 37% the previous year. But despite a nominal reduction, the percentage was significantly higher and it would be a strain on the new government which has been given an arduous task to ensure the economic viability of the country, Express Tribune reported.

Prime Minister Shehbaz Sharif has appointed Dr Miftah Isamil as Minister of Finance. Ismail will be assisted by Dr Ayesha Ghaus Pasha who has been given the portfolio of Minister of State for Finance.



(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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