WFP says forced to scale down Pakistan flood assistance due to $107 million shortfall 

In this picture taken on October 28, 2022, a flood-affected student walks past a deluged government primary school in Chandan Mori, in Dadu district of Sindh province. (Photo courtesy: AFP)
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Updated 24 February 2023
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WFP says forced to scale down Pakistan flood assistance due to $107 million shortfall 

  • The UN body says the food security situation continues to deteriorate in Pakistan’s flood-hit areas 
  • Timely funding, consistent support urgently needed to prevent further food insecurity, the WFP says 

ISLAMABAD: The World Food Program (WFP) said on Friday it was “compelled” to scale down its assistance in flood-ravaged Pakistan as it faced a shortage of $107 million in humanitarian funds. 

Pakistan saw record-breaking floods last summer, which submerged a third of the country, affected over 33 billion people and caused $30 billion in economic losses. Over 1,700 people were killed in the deluges.

Months later, hundreds of thousands of people remain in need of humanitarian assistance as large swathes in Pakistan’s south and southwest haven’t completely dried out and the WFP says the food security situation continues to deteriorate. 

“WFP faces a shortfall of $107 million for its ongoing flood response. Despite persistent humanitarian needs, WFP has been compelled to scale down its assistance from mid-February 2023,” the WFP said in a statement. 

An additional 1.1 million people are likely to slip from a food security crisis to an emergency situation by early 2023, WFP said, bringing the total number of people in need of emergency assistance to 5.1 million. 

“An additional $14.4 million is required to meet the basic humanitarian needs of an additional 1.1 million people,” the statement read. 

“Timely funding and consistent humanitarian support is urgently needed to prevent further food insecurity.” 

In January, donors at a day-long international conference on ‘Climate Resilient Pakistan’ in Geneva pledged around $8.57 billion to help Pakistan recover from the deadly floods and rebuild affected areas. 

About 90 percent of the commitments for the recovery would be rolled out as project loans over the next three years, Finance Minister Ishaq Dar said after the Geneva meeting. The rest was aid. 

The pledges also depend on a green light from the International Monetary Fund (IMF) on a latest review of the South Asian country’s $7 billion bailout program, stalled since November. 


Pakistan stocks rebound on easing regional tensions, gain over 1,500 points

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Pakistan stocks rebound on easing regional tensions, gain over 1,500 points

  • The development came after Iran said it was keeping communication channels with Washington open amid cost-of-living protests
  • It followed a threat by President Donald Trump last week to intervene militarily if Tehran continued cracking down on protesters

ISLAMABAD/KARACHI: The Pakistan Stock Exchange (PSX) edged higher on Tuesday as the benchmark index gained more than 1,500 points, with analysts citing easing regional tensions following signals of potential talks between Iran and the United States (US).

The benchmark KSE-100 index gained 1,567.36 points, or 0.86 percent, to close at 183,951.50 points, compared to the previous close of 182,384.14 points when the market had shed more than 2,000 points, according to PSX data.

Iran has been witnessing public unrest over worsening economic conditions. Around 2,000 people, including security personnel, have been killed in violent protests, Reuters reported, citing an Iranian official.

Tehran said on Monday that it was keeping communication channels with Washington open as US President Donald Trump imposed 25 percent tariffs on countries trading with the Islamic republic.

“Stocks showed sharp recovery at PSX after Iran and US signal talks over unrest in Iran,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.

“Surging global crude oil prices and speculations ahead of corporate results in the earnings season played a catalyst role in bullish close.”

Najeeb Ahmed Khan Warsi, digital and retail business officer at Al-Habib Capital Market, said the index had seen a three-day bearish streak.

“Geopolitics and global volatility driving downturn, profit-taking and economic concerns weigh in,” he added.

Meanwhile, Pakistani market research firm Topline Securities said the benchmark index ended the session on a “positive note” on Tuesday.

“Trading interest remained subdued, as total market volumes reached 1,033 million shares, while the value of shares traded stood at Rs62.9 billion,” it said in a daily market review on X.

United Bank Limited (UBL), National Bank of Pakistan (NBP), Muslim Commercial Bank Limited (MCB), Lucky Cement Limited (LUCK) and Meezan Bank Limited (MEBL) jointly contributed 936 points to the index, according to the research firm.

Fauji Fertilizer Company Limited (FFC), Sazgar Engineering Works Limited (SAZEW) and Haleon Pakistan Limited (HALEON) collectively shaved 158 points off the index.

“Bank of Punjab (BOP) led the volume rankings, emerging as the most actively traded stock with 73 million shares,” Topline Securities added.