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World Bank hopeful Pakistan will focus on promised reforms, tough decisions for economic recovery

The World Bank has shown hope that Pakistan will have to take tough decisions for economic recovery and continue to focus on promised reforms.

The World Bank has acknowledged that working on reforms would be difficult for Pakistan due to the economic condition caused by damage after floods.

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Talking about the losses incurred due to floods, the World Bank said that its report of the estimated losses would be released next week. The report is being prepared by the United Nations, European Union and other international organizations and the aid amount will be decided after an estimate of the damage. World Bank has so far announced $2 billion in funds.

Earlier, another report from the World Bank said that the poverty rate in Pakistan is expected to rise between 2.5 percent and four percent as a consequence of the floods. It also stated that loss of jobs, livestock, harvests, and houses, closure of schools, the spread of disease and rising food costs will threaten to put 5.8 million to nine million in poverty.

The report also said that for the current fiscal year 2023, the inflation in Pakistan has been expected at 23 percent.

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