ISLAMABAD: Donors have pledged around $8.57 billion to help Pakistan recover from last summer’s deadly floods and rebuild affected areas, Pakistani information minister said on Monday, appreciating the international community and development partners for their “exemplary compassion” for the survivors.
Pakistani prime minister Shehbaz Sharif and United Nations (UN) Secretary-General Antonio Guterres co-chaired a day-long international conference on ‘Climate Resilient Pakistan’ in Geneva. The conference was attended by officials and representatives from around 40 countries, international financial institutions, foundations and funds, both in person and virtually as Islamabad sought the world assistance in speeding up its reconstruction and rehabilitation efforts.
The devastating floods claimed more than 1,700 lives and affected 33 million people in Pakistan last year. According to the country’s post-disaster needs assessment (PDNA), which was carried out in collaboration with development partners, the economic losses from the floods exceeded $30 billion — 8 percent of Pakistan’s GDP — and pushed 9 million Pakistanis into abject poverty.
“International community and development partners are demonstrating exemplary compassion for flood victims, total $8.57 billion was pledged so far,” Marriyum Aurangzeb, who accompanied PM Sharif to Geneva, said on Twitter.
“Islamic Development Bank Group has pledged $4.2 billion at Geneva moot, World Bank vice president for South Asia Martin Raiser announced $2 billion. The brotherly country Kingdom of Saudi Arabia has pledged $1 billion to assist Pakistan in the daunting task of resilient recovery and rehabilitation.”
She said the first plenary of the day-long Geneva conference culminated in a generous outpouring of support from the international community.
“European Union pledged $93 million, Germany $88 million, China $100 million, Japan $77 million, Asian Development Bank $1.5 billion, USAID $100 million, and France $345 million,” the minister added.
At a joint press conference with the UN secretary-general, PM Sharif assured the world of complete transparency in utilization of funds provided by the international community for Pakistan’s flood recovery.
“A third-party validation mechanism has been put in place for this purpose,” he said.
Speaking on the occasion, Secretary-General Guterres called for massive investments to help Pakistan recover from what he called a “climate disaster of monumental scale.”
“Pakistan is doubly victimized by climate chaos and a morally bankrupt global financial system,” he added. He later elaborated saying the current system was “biased” toward the rich countries who conceived it.
Additional funding is crucial to Pakistan amid growing concerns about its ability to pay for imports such as energy and food and to meet sovereign debt obligations abroad.
Pakistan’s finance minister is meeting an International Monetary Fund delegation on the sidelines of the Geneva meeting.
Prime Minister Shehbaz Sharif said the country was committed to the IMF program but that he was asking the IMF for “breathing space” to meet its commitments, without elaborating.
