Economic picture of Pakistan not good: WB

Islamabad, March 28: | Updated: Mar 28 2008, 18:11pm hrs
The World Bank has said the economic picture' of Pakistan is not good and the country should carry out necessary reforms to avert an economic crisis.

"If action is not taken, the economy will start to falter," Praful Patel, vice-president of the World Bank, said in a statement following his three-day visit to the country.

"There is not yet a crisis, but the economic picture for Pakistan is not good," he said, emphasising that rising prices of petroleum products in international market and food items are creating challenges for Pakistan's economy.

"Growth has been robust over the past few years and there has been a significant reduction in poverty. However, the growth can only continue if Pakistan adjusts itself to the new global reality, including high prices of oil, commodities and foodstuffs such as wheat," he added.

Patel held talks with economists and leaders of the new government during his three-day visit.

Patel offered Pakistan World Bank's technical assistance to develop an international best practice in responding to the current situation, the Dawn reported today.