[Pakistan] Poverty level would come to 17 % during next 10 years

From Geo TV

KARACHI: Governor State Bank of Pakistan Dr. Ishrat Hussain said that poverty level would come to 17 percent during next 10 years if economic development ratio consistently remains between six to eight percent.

Talking to Geo TV the Governor said that 33 percent population of Pakistan was living blow the poverty level up till 1999. Talking about Central Bank’s independent policies, he said legal independence is useless if central institution does not have the capabilities to run the vital institution. However, he said that in the first time of Pakistan’s history license of any commercial bank was canceled. Three banks were dissolved. And managements of three other banks were changed.

Talking about inflation rate he said the inflation ratio is likely to remain eight percent this year, next year that would come down to six percent and during 2007 that would further come down to five percent.

Dr. Ishrat Hussain is retiring next month after completing his six-year tenure and does not want to hold any government responsibility. However, he is keen to establish an economic research institution in Pakistan.