ISLAMABAD: Pakistan plans to ask international lenders for billions of dollars in loans after the recent floods devastated much of the country and added to its economic woes, an international newspaper reported on Wednesday.
The floods that submerged one-third of the country during the monsoon season uprooted over 33 million people across Pakistan. They also washed away houses, crops, livestock and much of the public infrastructure in places like Sindh and Balochistan.
In an exclusive interview with the Financial Times, Prime Minister Shehbaz Sharif said there was “a very serious gap” between his country’s financial demands in the wake of the floods and what had been received from the international community.
“We are not asking for any kind of measure [such as] a rescheduling [of loans] or a moratorium,” he was quoted by the newspaper as saying. “We are asking for additional funds.”
The prime minister said the country needed “huge sums of money” for “mega undertakings” which included the rebuilding of public infrastructure.
According to the Financial Times, Pakistan’s external debt already stands at about $130 billion.
Sharif did not mention how much money his government was seeking from global lenders, though he repeated the $30 billion estimate of the damage caused by the floods.
“We are obviously concerned because if there is dissatisfaction leading to deeper political instability and we are not able to achieve our basic requirements and goals, this can obviously lead to serious problems,” he added. “I’m not saying it in terms of any kind of threat, but I’m saying there’s a real possibility.”
The United Nations recently urged its member states to provide humanitarian assistance of $816 million to Pakistan, though the Sharif administration said on Wednesday the country had suffered massive losses amounting to $40 billion according to the World Bank.
Pakistan wants billions of dollars in new loans after devastating floods – Financial Times
https://arab.news/8hm5u
Pakistan wants billions of dollars in new loans after devastating floods – Financial Times
- PM Sharif tells the international publication the money is needed for ‘mega undertakings’ such as rebuilding of public infrastructure
- The prime minister says failure to generate the required amount of money could further exacerbate political instability in Pakistan
Pakistan says $50 million meat export deal with Tajikistan nearing finalization
- Islamabad expects to finalize agreement soon after Dushanbe signals demand for 100,000 tons
- Pakistan is seeking to expand agricultural trade beyond rice, citrus and mango exports
ISLAMABAD: Tajikistan has expressed interest in importing 100,000 tons of Pakistani meat worth more than $50 million, with both governments expected to finalize a supply agreement soon, Pakistan’s food security ministry said on Tuesday.
Pakistan is trying to grow agriculture-based exports as it seeks regional markets for livestock and food commodities, while Tajikistan, a landlocked Central Asian state, has been expanding food imports to support domestic demand. Pakistan currently exports rice, citrus and mangoes to Dushanbe, though volumes remain small compared to national production, according to official figures.
The development came during a meeting in Islamabad between Pakistan’s Federal Minister for National Food Security and Research Rana Tanveer Hussain and Ambassador of Tajikistan Yusuf Sharifzoda, where agricultural trade, livestock supply and food-security cooperation were discussed.
“Tajikistan intends to purchase 100,000 tons of meat from Pakistan, an import valued at over USD 50 million,” the ambassador said, according to the ministry’s statement, assuring full facilitation and that Islamabad was prepared to meet the demand.
The statement said the two sides agreed to expand cooperation in meat and livestock, fresh fruit, vegetables, staple crops, agricultural research, pest management and standards compliance. Pakistan also proposed strengthening coordination on phytosanitary rules and establishing pest-free production zones to support long-term exports.
Pakistan and Tajikistan have long maintained political ties but bilateral food trade remains below potential: Pakistan produces 1.8 million tons of mangoes annually but exported just 0.7 metric tons to Tajikistan in 2024, while rice exports amounted to only 240 metric tons in 2022 out of national output of 9.3 million tons. Pakistan imports mainly ginned cotton from Tajikistan.
