Lahore: The World Bank (WB) has revealed that China’s massive Belt & Road Initiative (BRI) could reduce poverty rate in dozens of developing countries, a news source reported.
In its report, the international institution stated that the initiative, if fully implemented, could bring around 32 million people out of moderate poverty conditions.
It also stressed on the need to implement policy reforms and ensure more transparency in the poverty alleviation project. WB Vice President for Equitable Growth Ceyla Pazarbasioglu stated that for achieving BRI objectives, the participating countries would have to implement equally ambitious reforms.
She highlighted several reforms that require immediate implementation. These regulatory measures include enhancing the transparency and data reporting procedures (especially surrounding debt issues), open-government procurement policies, and meeting highest social and environmental standards.
The WB has also revealed that participating economies could accelerate real income growth by two to four times if their governments take steps to ease trade restrictions, as well as introduce reforms for cutting border delays.
The report added that while the private sector’s participation in the project would sustain it in the long-run, the participating counties needed to improve their investment climate. The report stated that these countries should also focus on introducing more stringent legal protection and regulations.