ISLAMABAD: Pakistan’s planning minister Ahsan Iqbal said on Monday the economic losses caused by the recent floods in the country could go beyond $40 billion after the finance ministry presented an early assessment report to the country’s top body responsible for dealing with the devastation generated by the climate catastrophe.
About 1,400 Pakistanis have lost their lives in record rains and floods since monsoon began in June. Official estimates suggest the situation has affected the lives of more than 33 million people as flash floods washed away homes, crops, livestock and public infrastructure.
The government initially maintained the economic losses from floods could amount to about $12 billion, though it revisited its assessment as unprecedented monsoon rains continued.
“The devastating conditions suggest that the scale of flood losses is in the range of $30 billion to over $40 billion,” the minister said while talking to The Express Tribune. “We are going through the process of a comprehensive assessment of flood damages with the help of World Bank, Asian Development Bank, provincial and federal governments.”
Iqbal issued the statement after attending the National Flood Response Coordination Center’s meeting that discussed the report prepared by the finance ministry.
The government’s new assessment is higher than the $30 billion figure mentioned by United Nations Secretary General Antonio Guterres who visited the flood-affected areas recently.
Last month, the UN and the Pakistani authorities issued a flash appeal for $160 million to help the country which was still carrying out rescue and relief work.
While the flood situation is still alarming in several areas of southwestern Sindh province, officials believe that rehabilitation activities will require greater effort due to the extent of climate-induced destruction.
Pakistan has started receiving humanitarian assistance from the international community, though the government believes it will not be easy to mitigate the long-term economic impact of monsoon rains this year.