World Bank report advises maximum spending on human resources in Pakistan

ISLAMABAD: The World Bank in its report ‘Pakistan@100’ has advised for maximum spending on human resources in the country, ARY News reported on Monday.

The World Bank launched its report in a ceremony on Monday. The report advises measures so as to increase economic growth in the medium term when Pakistan reaches to its 100 year in 2047.

The report ‘Pakistan@100’ discusses options for the country to increase the economic growth.

The report launched by the World Bank’s Vice President for South Asia, Hartwig Schafer, proposes policy interventions for transforming Pakistan into a progressive and prosperous country.

The World Bank’s vice president urged for maximum spending on human resources. Mr. Schafer said that the free market could only decide the economic future of Pakistan.

He also urged for more initiatives for empowerment of women in the country.

The report suggests policy interventions to promote trade and remove trade barriers.

“Pakistan spends much on defence due to the regional tensions,” the World Bank report said.

The bank says in the report that Pakistan’s economy could grow by 30 percent till 2047 with promotion and strengthening of the regional ties.

According to the report, presently 22.6 mln Pakistani children could not attend schools. The country has increased death ratio of children, while 38 percent of children of upto five years are suffering from stunted growth.

The World Bank suggests improvement in tax net for better recovery of taxes in the country.

It also advises to bring the agriculture sector of the economy in the tax net. The bank says the shortcomings in the taxation system cause increase in tax evasion and theft.

The bank’s report also suggests an effective use of the water in Pakistan and better protection of water resources in the country.

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