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, Jordan discuss defense cooperation amid flurry of high-level contacts
- Field Marshal Asim Munir hosted Maj Gen Yousef Ahmed A. Al Huneiti of Jordan in Rawalpindi
- Munir visited Amman in October, followed by King Abdullah II’s trip to Pakistan the next month
ISLAMABAD: Pakistan’s army chief Field Marshal Asim Munir met the chairman of Jordan’s Joint Chiefs of Staff on Thursday to discuss defense and military cooperation, the Pakistani military said in a statement, amid a recent uptick in high-level engagement between the two countries.
Major General Yousef Ahmed A. Al Huneiti, Chairman of the Joint Chiefs of Staff of the Jordan Armed Forces, called on Munir at Pakistan’s military headquarters in Rawalpindi, according to a statement issued by the Inter-Services Public Relations (ISPR).
“During the meeting, both sides discussed matters of mutual interest, regional security dynamics, and avenues for enhanced bilateral defense and military cooperation,” ISPR said.
“Field Marshal Syed Asim Munir reaffirmed Pakistan’s commitment to strengthening defense ties with Jordan and emphasized the importance of collaborative efforts to address evolving security challenges,” it added.
The meeting follows a series of senior-level interactions between the two countries this year. Munir paid an official visit to Jordan in October, while Jordan’s military leadership has also engaged with Pakistan’s top brass in recent months.
In November, Jordan’s King Abdullah II visited Pakistan for talks with the country’s civilian and military leadership.
Pakistan and Jordan have long maintained cordial relations, including defense cooperation and military training links, though senior-level exchanges have been relatively infrequent.
Both countries were also among eight Muslim-majority states whose top leaders participated in discussions with United States President Donald Trump in September on proposals aimed at ending the war in Gaza and issued joint statements with other countries over the situation in West Asia in recent months.
ISPR said the meeting concluded with a shared resolve to further deepen military-to-military cooperation between Pakistan and Jordan.
