Pakistan needs billions of dollars in new loans after floods: PM

ISLAMABAD: Prime Minister Shehbaz Sharif has said Pakistan needs billions of dollars to rebuild the country after calamitous floods exacerbated the economic crisis.

In an interview with Financial Times, the prime minister said we need huge sums of money for rebuilding roads, bridges and other infrastructure damaged or washed away in recent floods.

“We are not asking for any kind of measure [such as] a rescheduling or a moratorium,” the prime minister said. “We are asking for additional funds.”

He said the country needs “huge sums of money” for “mega undertakings” such as rebuilding roads, bridges and other infrastructure damaged or washed away.”

The prime minister said there is a gap between our demands and what we have received so far. He hinted that the failure of the international community to rally resources can fuel political instability in the country.

Shehbaz Sharif said Pakistan has been tapping state coffers to help displaced families and buy provisions such as tents, medicine, food packs and drinkable water.

He said Pakistan would also seek additional funding from wherever we can. He said Pakistan is in a war against climate change-induced havoc and it has become a victim. He further said that tomorrow another country can be a victim of this and we don’t want that to happen.

According to the report, Pakistan will ask international lenders for billions of dollars in loans. The prime minister did not specify the amount Pakistan is seeking, but repeated an estimate of $30 billion of flood losses.

Earlier this month, the United Nations raised its humanitarian aid appeal for Pakistan five-fold to $816 million from $160 million. The European Union also scaled up its flood assistance to 30 million euros ($29.57 million).

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