Economic losses in flood-hit Pakistan touches $18 billion: Reports

ISLAMABAD: The great flood in Pakistan caused around $18 billion in economic damage to the country’s developing economy, wiped out more than 8 million acres of crops and displaced more than 33 million people, reports media report said on Friday.
Record monsoon rains and melting glaciers in the northern mountains have led to flooding that has killed at least 36 people in the past 24 hours, raising the death toll, according to the National Disaster Management Agency. to 1,391 people on Friday, according to the National Disaster Management Agency.
According to The News International, the cost of a quick assessment of the expected economic damage after Pakistan’s worst floods as calculated by the government and provinces has reached about $18 billion.
Terrible floods have inundated a third of the country, with Prime Minister Shehbaz Sharif declaring on Wednesday that parts of Pakistan “appear to be a sea”.
More than 8.25 million acres of crops were destroyed compared with an initial estimate of 4.2 million, the report said.
Cotton, rice and other small crops have been severely damaged and if dehydration is not done properly, it can cause serious problems for wheat seeding. The report said that the Ministry of National Food Security of Pakistan has been assigned to finalize the summary to increase the minimum support price of wheat.
Authorities held meetings with international donors and assured them that Pakistan would set up an effective monitoring and evaluation system to utilize every penny to mitigate flood damage. transparently, the report said.
The report states that the Pakistani Ministry of Planning will cut the Public Sector Development Program (PSDP) by up to PKR 300 billion for the current financial year.
These resources will be redirected to flood-affected areas, it added.
As floods continue to wreak havoc, Pakistan’s Finance Minister Miftah Ismail earlier this week said the government would consider importing vegetables and other edible items from India.
United Nations chief Antonio Guterres on Friday said Pakistan’s contribution from flooding to the climate crisis was small but it was one of the countries hardest hit by its consequences, stressing strong that such disasters should strike those more responsible for climate change.
Secretary-General Guterres spoke during a visit with Prime Minister Sharif to the National Flood Coordination and Response Center in Islamabad, where he was briefed on the flood situation and rescue operations. support and relief in the affected areas.
Guterres is currently in Pakistan on a two-day solidarity visit.
The UN chief’s visit to the flood-ravaged country comes less than two weeks after he called for $160 million in emergency funding.
Pakistan is expected to grow at a low of 2.3% according to government estimates, although the Ministry of Development Planning and Special Initiatives has set an ambitious target of 5% in June.

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