The plight of poverty is not merely an economic conundrum; it is a multifaceted challenge entwined with social and political complexities. Recent statistics underscore the gravity of the situation, with Pakistan witnessing a distressing surge in poverty levels. According to the World Bank, over 12.5 million Pakistanis slipped below the poverty line in the past year alone, pushing the country’s poverty rate to a staggering 39.4%. With an estimated 95 million Pakistanis now struggling to meet their basic needs, urgent action is imperative.
The economic model of Pakistan, once touted for its promise, now stands faltered, failing to uplift the living standards of its populace. Tobias Haque, the World Bank’s lead country economist for Pakistan, aptly points out that the nation is in the throes of economic and human development crises, necessitating significant policy reforms.
In response, the World Bank advocates for a paradigm shift, urging Pakistan to bolster its tax-to-GDP ratio by 5% and trim expenditures by approximately 2.7% of GDP. Such measures, while arduous, are deemed essential to steer the economy towards sustainability.
Moreover, the UN underscores the ethical and social imperative of addressing poverty, emphasising the need for governments worldwide to tackle its root causes comprehensively. From a social perspective, empowering those ensnared by poverty and fostering their full participation in societal affairs are deemed paramount. An integrated strategy towards poverty eradication entails equitable wealth distribution, robust social protection mechanisms, and inclusive policy frameworks.
As we strive towards the UN’s ambitious goal of eradicating poverty by 2030, it is crucial to recalibrate our approach. The slowdown in the rate of poverty reduction underscores the urgency for concerted efforts. In developing economies, prioritising education, sensible utilisation of foreign aid, and diversifying economic sectors are pivotal steps towards alleviating poverty.
Combating poverty demands not just economic interventions but a holistic approach encompassing social empowerment, equitable policies, and international cooperation. It is incumbent upon governments, civil society, and international organisations to join forces in this noble endeavor.
MOMNA MANSOOR
LAHORE
