The Federal Government is likely to hold a donor conference to get financial support from the international community for flash flood victims.
Sources in the Finance Ministry told ProPakistani that the government, with the support of international institutions, is preparing a report of estimated loss due to flood and monsoon rains in the country.
The initial report of the losses besides the deaths was provided to Prime Minister Shehbaz Sharif on Thursday. According to sources in the Ministry of Finance, a report has been prepared based on preliminary estimates of the damage caused by the flood, which includes other damages, including agriculture and infrastructure, due to the flood.
The sources further said that the initial estimates show that the country’s economy suffered an irreparable loss of $15-20 billion due to the flash floods. The GDP will likely grow by 3.3 percent instead of the original target of 5 percent during the current fiscal year as the agriculture and service sectors were heavily damaged due to floods and rains, they said.
There is a fear that the unemployment and poverty rate would be further increased due to a decrease in the economic growth rate, stated the report sent to the Prime Minister’s Office.
According to the sources, the development activities will also be affected due to floods. According to the initial estimate, the government will not be able to complete projects worth Rs. 180 billion due to the floods.
In this regard, Finance Minister Miftah Ismail has contacted the IMF officials, while sources say that the report of the flood damage will also be sent to the Asian Development Bank, the World Bank, and other financial institutions.
Sources further say that it has also been decided to hold a donor conference to appeal for financial assistance from the international community to start rehabilitation and reconstruction activities in the affected area.
