Despite recent optimism surrounding Pakistan’s economy, the country is facing an “existential crisis” stemming from its woeful tax collection rates and inability to finance itself, a report said Wednesday.
Pakistan’s economy grew at 4.24 percent during the 2014-2015 fiscal year with per capita income rising a significant 9.25 percent, markers that come as investor confidence in the long-underperfoming South Asian giant have also increased.
But according to the report by non-profit organisation Raftar, funded by Britain’s Department for International Development (DFID), Pakistan’s economy continues to rely heavily on “commercial loans, concessionary donor loans and aid”.
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Source Credits: AFP