World Bank President Ajay Banga has said that Pakistan will need to create 30 million jobs over the next ten years, with an annual requirement of 2.5 to 3 million new jobs.
In an interview with an international news agency, Ajay Banga warned that failure to provide employment to the country’s young population would lead to rising unemployment, instability and migration. He said the World Bank would maintain an annual partnership of $4 billion with Pakistan.
The World Bank president said that 90 per cent of jobs are generated by the private sector, while agriculture could provide one-third of total employment. He described the power sector as the country’s biggest challenge and said urgent reforms were required, adding that electricity losses were damaging the economy and investment.
He said solar energy was beneficial but required system improvements. He added that health, infrastructure, tourism and agriculture offered greater employment opportunities, and stressed that environmental protection must be included in development projects.
