ISLAMABAD: Pakistan’s finance minister Ishaq Dar on Thursday held an online meeting with the International Monetary Fund’s mission chief for Pakistan, Nathan Porter, in which he focused on the impact of floods on macroeconomic framework and targets for the current fiscal year.

Pakistan witnessed unprecedented monsoon rains and floods this year that swept away houses, livestock, farmlands and a great deal of public infrastructure. While it is difficult to estimate the economic cost of the climate-induced catastrophe, it is said to have cost over $30 billion to the country.

According to Pakistani officials, millions of people have lost their livelihoods in the southern region of the country, adding that they are now waiting to be financially rescued by the government.

According to a statement issued by the country’s finance division, the IMF official indicated willingness to “sympathetically view the targeted assistance for poor and vulnerable” segment of society, particularly those affected by the floods.

“It was agreed that expenditure estimates for flood related humanitarian assistance during the current year will be firmed up along with estimates of priority rehabilitation expenditure,” said a statement released by Pakistan’s finance division after the meeting. “In this regard engagement at the technical level shall be expeditiously concluded for proceeding with the 9th Review.”

The country has undergone eight reviews of its economic progress after securing a bailout package from the international lending agency in 2019.

The finance minister reiterated the government was committed to successfully completing the IMF program.