Pakistan’s flood-induced economic losses have risen from $10-12.5 billion to $17-18 billion as per the federal government’s revised rapid assessment data, which was also attested by the provinces.
According to the new assessment, the increase comes after 8.25 million acres of agricultural land (4.2 million acres in the initial data) were destroyed in the floods.
The floods have seriously damaged cotton, rice, wheat, and other crops, and as long the water does not subside, it will cause more devastation, particularly to the wheat crop.
The Ministry of National Food Security and Research (MoNFSR) has been tasked with drafting a summary of the proposals to raise the minimum support price of wheat for the next harvest. The authorities have also met with international donors and promised the implementation of a robust monitoring and assessment mechanism to ensure that all the funds are spent transparently in order to alleviate the flood losses.
Official sources quoted by The News revealed that the UN Secretary-General, Antonio Guterres, will commence a three-day trip to Pakistan on Friday and will be briefed about the assessment of economic losses. Furthermore, foreign donors are also conducting an independent study on the damage and need assessment under the supervision of the World Bank (WB), hence the given figures will be further revised.
Meanwhile, the Minister of State for Finance, Aisha Ghaus Pasha, concurred that the cost has surged and attempts were being made to finalize it by assigning it a deadline.
Separately, the Ministry of Planning is also working to reduce the Public Sector Development Program (PDSP) from Rs. 800 billion to Rs. 500-550 billion while the saved funds will be allocated to flood-affected regions.
