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Pakistan’s Economy Slows Down While Inflation Rises Amid Catastrophic Floods

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Pakistan’s economy is expected to grow by only 2 percent in the current fiscal year ending June 2023. According to the World Bank’s October 2022 Pakistan Development Update: Inflation and the Poor, the slower growth will reflect damages and disruptions caused by catastrophic floods, a tight monetary stance, high inflation, and a less conducive global environment. Recovery will be gradual, with real GDP growth projected to reach 3.2 percent in fiscal year 2024.

Poverty in the hardest-hit regions will likely worsen in the context of the recent flooding. Preliminary estimates suggest that – without decisive relief and recovery efforts to help the poor – the national poverty rate may increase by 2.5 to 4 percentage points, pushing between 5.8 and 9 million people into poverty. Macroeconomic risks also remain high as Pakistan faces challenges associated with a large current account deficit, high public debt, and lower demand from its traditional export markets amid subdued global growth.

The recent floods are expected to have a substantial negative impact on Pakistan’s economy and on the poor, mostly through the disruption of agricultural production,” said Najy Benhassine, the World Bank’s Country Director for Pakistan. “The Government must strike a balance in meeting extensive relief and recovery needs, while staying on track with overdue macroeconomic reforms. It will be more important than ever to carefully target relief to the poor, constrain the fiscal deficit within sustainable limits, maintain a tight monetary policy stance, ensure continued exchange rate flexibility, and make progress on critical structural reforms, especially those in the energy sector.”

This Update also outlines potential strategies to manage the impacts of high inflation. Inflation in Pakistan is expected to reach around 23 percent in FY23, reflecting flood-related disruptions to the supply of food and other goods, higher energy prices, and difficult external conditions, including tighter global monetary conditions. The Update shows that the high inflation will disproportionately impact the poor.

“While relief measures are needed to cushion the impacts of flooding, it will be critical to ensure that these are targeted towards those most in need,” said Derek H. C. Chen, author of the report. “Pakistan has previously resorted to energy subsidies, but our analysis shows that such measures disproportionately benefit better-off households, while imposing unsustainable fiscal costs. Going forward, the priority should be to tame inflation through sound macroeconomic policies. These should be accompanied by measures to provide targeted relief to those hit hardest by rising prices, including through expanded social protection programs, and to address the distortions that discourage trade and productivity.”

The Pakistan Development Update is a companion piece to the South Asia Economic Focus, a twice-a-year World Bank report that examines economic developments and prospects in the South Asia region and analyzes policy challenges faced by countries. The Fall 2022 edition titled Coping with Shocks: Migration and the Road to Resilience, launched on October 6, 2022, shows that growth in South Asia is dampening due to recent major global and regional shocks including rising inflation; the impacts of the global food, fertilizer and fuel shortages; the economic crisis in Sri Lanka; and the catastrophic floods in Pakistan. It also analyzes the impacts of COVID-19 on migration and the role labor mobility and migration can play in facilitating economic development.

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4 Best Tips How To Write A Literary Analysis Essay

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Writing a literature essay or analysis is not an easy task. It is necessary to plunge deeply into the text and understand why the author used various techniques. You will also have to comment on the plot, events, and characters. Creating an excellent literary analysis requires patience, skills and theoretical knowledge. If you are missing the last item, read this article to the end.

1. What To Begin With

First of all, you need to understand what analysis means in literature, and your best friend in doing so is practice. Writing essays may be challenging, especially when the words are buzzing around your head but refuse to appear. If you can’t concentrate and come up with something, try to read a literary analysis essay written by a professional, just for a start. It will give a basic understanding of how to write a literature essay, and you will feel sure. Sometimes a proper example is the best teacher, and it is better to see an excellent work once to learn from it.

So, what’s coming next after getting a sample? The following step in writing a literary analysis essay is thoroughly studying the text and formulating a thesis statement. Take into account the general format of an academic essay while you write:

  • An opening paragraph that conveys your essay’s key argument.
  • The body of your paper is broken up into sections, where you present your thesis and back it up with textual proof.
  • A summary of the core argument you’ve made throughout your analysis.

2. Take Notes

Study the source(s) and make some preliminary notes. Highlight the aspects you find catchy, unexpected, or baffling; these are the areas you should focus on in your paper.

One of the primary purposes of literary analysis is to go deeper into a piece of literature. First and foremost, a student should be on the lookout for literary devices, which are linguistic tools authors use to emphasize certain points in the text or evoke specific emotions in the reader.

3. Literary Analysis Outline

The best tip for writing all essays is to have a proper outline. Here is one you might use. For additional inspiration, you might also use Phdessay or other services with an impressive essay collection. It’s always beneficial to look at other authors’ interpretations and consider what you can borrow from them. And, of course, nobody canceled the structure, the bibliography, and the citations. Don’t miss anything important!

Introduction

The first step in writing a literary analysis introduction for a literary analysis essay is to provide the work’s title and author. You need one or two phrases at the most to express yourself. The focus should be on the central theme for these phrases to be more compelling.

Give a quick summary of the book and discuss its significance in the literary canon. Why do we need to analyze this? Where does the author draw a line between right and wrong?

Get started on your paper by formulating a thesis. Justify your argument’s central thesis and its most critical supporting arguments.

Formulating The Body Of Your Work

Write a separate paragraph to elaborate on each of the claims made in the thesis. For example, a 600-word essay needs no more than three paragraphs. Use a clear subject phrase at the beginning of each one. Then, it would be best if you elaborated on your key argument. Every claim must be backed up with examples from the literature piece.

How To Write Conclusion

A literary analysis essay conclusion is the last paragraph you write to wrap up your assignment. Provide a brief overview of the work, your thoughts and emotions, and other relevant details here. Don’t start talking about anything else.

Emphasize the reasons your position is sound and the evidence you’ve provided in the paper’s middle part.

4. Proofread

After the essay’s main points have been refined, they should be checked for typos and other errors. Sometimes it helps to read the whole text aloud slowly and clearly. Someone else should do it for you if feasible.

Multiple copies of the document should be produced and proofread before a final copy is made. It’s important to keep an eye out for sentence fragments, comma splices, and other frequent grammatical mistakes.

Conclusion

This academic task aims to analyze and assess some facets of a piece of literature. A literary analysis essay is defined as one that investigates the language, viewpoint, imagery, and structure. These methods are dissected to get to the author’s true intentions. After all, any analysis aims to shed light on the material by revealing hidden meanings. Your interpretations of the source material should be described in an analytical style that goes beyond a simple synopsis.

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Boosting Equitable Development as Kenya Strives to Become an Upper Middle-Income Country

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The World Bank Group (WBG) Board of Executive Directors today voiced its support for the WBG’s latest six-year strategy to support Kenya in its ongoing efforts towards green, resilient, and inclusive development.

The Kenya Country Partnership Framework (CPF) is a joint strategy between the World Bank, the International Finance Cooperation (IFC), and the Multilateral Investment Guarantee Agency (MIGA) and the government to promote shared prosperity and reduce poverty for the people of Kenya. Informed by extensive stakeholder consultations, the CPF seeks to drive faster and more equitable labor productivity and income growth, greater equity in development outcomes across the country, and help sustain Kenya’s natural capital for greater climate resilience.

The people of Kenya are in a position to reap even greater dividends from the country’s robust economic growth in terms of more durable poverty reduction,” said Keith Hansen, World Bank Country Director for Kenya. “Tackling the drivers of inequality now will help to ensure that Kenya can achieve and maintain more equitable development in the long run.”

Over the past decade, Kenya’s economy has outperformed its Low- and Middle-Income Country (LMIC) peers with the growing number of better-educated and healthier Kenyans in the labor force contributing more than any other factor to rising gross domestic product (GDP). More recently, however, the pace of poverty reduction, and then the COVID-19 pandemic, revealed how vulnerable many households are when faced with shocks. Though Kenya’s economy is rebounding from the pandemic and projected to grow by an average 5.4% during 2022-24, the ongoing drought and global inflation are causing poverty to rise. The CPF finds that Kenya is still well positioned to secure more inclusive growth and the WBG is ready to provide support that targets lagging areas and communities with better services and infrastructure that build household and community resilience. In doing so, it aims to help Kenya avoid the inequality and productivity traps experienced by other Middle-Income Countries (MICs).

“Kenya’s private sector is poised to drive faster job creation and to seize new opportunities from global and regional integration,” noted Jumoke Jagun-Dokunmu, IFC Regional Director for Kenya.This will require a more level playing field for competition and innovation for large and small firms and between public and private enterprises.”

The CPF also aims to help raise the productivity of small firms, small producers, and women entrepreneurs, improve the investment climate across the country, and stimulate more private participation in public service delivery. To support Kenya’s response to climate change, the CPF has programmed investments to reduce water insecurity, and to mobilize more climate finance for both public and private investments.  

MIGA aims to unlock more private sector investment in climate responsive projects in Kenya through innovative financial solutions,” said Merli Baroudi, MIGA Director for Economics and Sustainability. “Kenya’s impressive progress in mobilizing private capital for renewable energy augurs well for other sectors.

The CPF draws on Kenya’s Vision 2030, the new government’s development agenda, a Systematic Country Diagnostic, a Country Private Sector Diagnostic, a Completion and Learning Review of the previous Country Partnership Strategy, and over 34 stakeholder consultations, including with Kenya’s diaspora. The World Bank Group is Kenya’s largest development financier. IFC’s portfolio of private sector investments in Kenya is its fourth largest and fastest growing in Sub-Saharan Africa and MIGA’s financial operations in Kenya are its third largest program in Africa.

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Tehran hosts Iran-Belarus business forum

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Iran’s capital Tehran hosted an Iran-Belarus business forum at Saadabad Palace Complex on Tuesday evening, the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported.

The forum was attended by senior officials from the two sides including First Vice President of the Islamic Republic of Iran Mohammad Mokhber and Prime Minister of the Republic of Belarus Roman Golovchenko.

Organized by ICCIMA jointly with the Belarusian Chamber of Commerce and Industry (BelCCI), the business forum was also attended by Iranian Minister of Industry, Mining and Trade Reza Fatemi-Amin, Chairman of the BelCCI Mikhael Miatlikov, and ICCIMA Head Gholam-Hossein Shafeie, as well as heads and representatives of more than 120 Belarusian and Iranian companies.

Forming working groups to remove trade barriers

Speaking at the forum, ICCIMA Head Gholam-Hossein Shafeie called for the formation of joint special working groups in order to identify existing challenges and problems in the way of the trade between the two countries and also to assess the feasibility of joint commercial projects.

According to Shafeie, empowering the two countries’ small and medium-sized enterprises (SMEs), strengthening banking and insurance cooperation, defining new joint projects, developing and facilitating the issuance of visas for businessmen and tourists, creating the necessary infrastructure for developing economic relations, especially in the commercial, industrial and technical sectors are among the measures that the governments of the two countries can take for boosting mutual trade.

The official also underlined the establishment of a joint trade committee between the chambers of Iran and Belarus as an effective measure for developing trade ties.

Iran to open $100m credit line for Belarusian traders

Further in the forum, Iranian Industry, Mining, and Trade Minister Reza Fatemi-Amin described Belarus as an important country from an industrial point of view and considered the economies of Iran and Belarus to be complementary to each other.

Pointing out that several business delegations have been exchanged between the two countries over the last four months, Fatemi-Amin said: “Fortunately, good agreements have been made so far to improve the financial channels between Iran and Belarus, and we are witnessing improvement in the logistics sector as well.”

At the end of his speech, Fatemi-Amin announced the opening of a $100-million credit line for Belarusian traders who are interested in buying Iranian products.

Iran, Belarus should provide trade, investment infrastructure

Elsewhere in the event, Prime Minister of Belarus Roman Golovchenko said there are numerous fields for cooperation between Iran and Belarus, and considered it necessary to reach an agreement to strengthen cooperation between the two countries.

Golovchenko further emphasized that the governments of the two countries should provide an appropriate environment for businessmen to operate.

Tehran Times

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