Connect with us

Hi, what are you looking for?

Latest News
• Lahore has highest number of patients-329 in country • Punjab allowed use of its water share for cotton sowing to Sindh • Faisal Edhi files visa application for Palestine to help war-torn country • Indus water system to see massive dip in next 24-48 hours • 100 migrants swim to Spain’s Ceuta enclave during last weekend of April • Prisoners make up over 60pc of Thailand’s Covid cases • Economy contracts 1.5pc in CY2020: study • 18 officials suspended in Lahore over ‘out-of-turn vaccination’ • Carmakers seek cut in duties • CAA revokes permission for Dubai-Peshawar flight • Pakistan desires strong ties with EU: COAS • K2 base camp area gets internet access, phone coverage • Govt challenges LHC order letting Shehbaz go abroad • Govt to unveil Rs110bn agri package in budget • Forex firms supply $4b to inter-bank market • Car sales contract 17% to 17,144 units in April • CDWL approves four development projects worth Rs8.7bn • PM’s aide Zulfi Bukhari steps down over ring road scam • Biden administration approved $735 million arms sale to Israel • India's Gujarat evacuates over 200,000 people as Cyclone Tauktae hits • Pakistan’s first female Google Developer, Sakina Abbas becomes Expert for Flutter • Karachi records highest night temperature in May since 2015 • Crude oil rose 22 cents to $66.50 a barrel • Gold rate fell 50 cents to $1867.10 an ounce • Dollar is trading at Rs 152.85 in the interbank market • American Idol eliminates Casey Bishop to determine its top 3 finalists • WarnerMedia tie-up with Discovery to target streaming big shots
News Alert
    • Covid Updates: 2,566 cases reported while 135 deaths recorded in last 24 hrs
    • Currently, 67,665 cases are active in the country
    • The death toll reaches 19,752 in Pakistan
    • 2,989 people recovered in last 24 hours
    • The current positivity rate is 8.8%  in the country
    • Over 163 million infected globally, more than 3.3 million dead, over 97 million recovered
    • Tokyo doctors call for cancelation of Olympic Games due to Covid-19
    • Bide surges international vaccines aid in riposte to Russia, China 
    • Germany mulls making vaccines free for all from June 7 
    • EU regulator backs month-long storage of Pfizer vaccine in fridges 
    • UAE reports 1,229 new coronavirus cases, 2 deaths
    • Eurovision Song Contest returns despite the pandemic
    • At 26pc, Karachi's East district records Sindh's highest positivity rate
    • Dubai eases Covid-19 restrictions, allows full hotel capacity 

Economy

No Break or Roza of Elite in Eating Up Country’s $ 17.4 Bln: UNDP

The biggest beneficiary of the privileges – from tax breaks, cheap input prices, higher output prices or preferential access to capital, land and services – was he country’s corporate sector, which accrued an estimated $4.7 bn in privileges.

Kanni Wignaraja, Assistant Secretary General and Regional Chief of the UNDP

ISLAMABAD: Economic privileges accorded to Pakistan’s elite groups, including the corporate sector, feudal landlords, the political class and the country’s powerful military, add up to an estimated $17.4 bn, or roughly 6 percent of the country’s economy, a new United Nations report has found.

Released last week, the UN Development Programme’s (UNDP) National Human Development Report (NHDR) for Pakistan focuses on issues of inequality in the South Asian country of 220 million people. “Powerful groups use their privilege to capture more than their fair share, people perpetuate structural discrimination through prejudice against others based on social characteristics, and policies are often unsuccessful at addressing the resulting inequity, or may even contribute to it,” says the report.

Kanni Wignaraja, assistant secretary-general and regional chief of the UNDP has been on a two-week “virtual tour” of Pakistan to discuss the report’s findings, holding talks with Prime Minister Imran Khan and other top members of his cabinet. She says Pakistani leaders have taken the findings of the report “right on” and pledged to focus on prescriptive action. “[In our remarks in meetings] we focused right in on where […] the shadows are, and what is it that actually diverts from a reform agenda in a country,” she told Al Jazeera in an exclusive interview. “My hope is that there is strong intent to review things like the current tax and subsidy policies, to look at land and capital access.”

Kanni Wignaraja, assistant secretary-general and regional chief of the UNDP

The biggest beneficiary of the privileges – which may take the form of tax breaks, cheap input prices, higher output prices or preferential access to capital, land and services – was found to be the country’s corporate sector, which accrued an estimated $4.7 bn in privileges, the report says. The second and third-highest recipients of privileges were found to be the country’s richest 1 percent, who collectively own 9 percent of the country’s overall income, and the feudal land-owning class, which constitutes 1.1 percent of the population but owns 22 percent of all arable farmland.

Both classes have strong representation in the Pakistani parliament. Wignaraja noted that this creates a paradox where those responsible for doling out the privileges were also those who were receiving them. The military was found to receive $1.7 bn in privileges, mainly in the form of preferential access to land, capital and infrastructure, as well as tax exemptions.

The wide-ranging NHDR provides detailed data on deep-rooted inequality in Pakistan’s economy. While the richest 1 percent held 9 percent of the country’s income of $314.4 bn in 2018-19, the report found that the poorest 1 percent held just 0.15 percent.The UNDP has suggested Pakistan’s government take on increased spending that focuses on closing the gap between its Human Development Index (HDI) of 0.570 and that of other countries in the region.

The UNDP has recommended policies that target spending on outcomes that provide both structural support for the country’s poor and on the infrastructure – such as education and healthcare – that would provide them further economic opportunities. “If I had just that one extra […] rupee, and you asked me where would I put it, I would put in girls education,” said Wignaraja. Pakistan ranks 153 out of 156 countries on the World Economic Forum’s Global Gender Gap Index with 32 percent of primary-school-aged girls out of school.

Written By

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Facebook

International

• Joint statement also urges Afghan parties to realise historic opportunity for political settlement • PM, Saudi crown prince back political solutions to conflicts...

Economy

PPP Chairman says that the scale of inflation can never fall down through adopting the charity from different countries and he condemns the way...

Latest Updates

Areesh Fatima becomes the youngest Microsoft Certified Professional in the world

International

There is no shelter left for Palestinians as their homes are taken away, mosques are attacked, and hospitals bombarded with the world leaders watching...

Copyright © 2021 The Truth International