Advertisement
Advertisement
Advertisement
Advertisement
Dar seeks budgetary support to cope with flood challenges

Dar seeks budgetary support to cope with flood challenges

Dar seeks budgetary support to cope with flood challenges

Ishaq Dar was chairing a plenary session at Climate Resilient Pakistan.

Advertisement
  • Ishaq Dar sought budgetary support to provide relief to flood victims
  • He said friendly countries can consider debt swaps and financial instruments
  • He said Pakistan will contribute $8bn for reconstruction in next three years
Advertisement

 

GENEVA: Federal Minister for Finance and Revenue Senator Ishaq Dar sought budgetary support to enable the government to continue providing much-needed relief to flood-affected people.

The finance minister was co-chairing the First Plenary Session titled ‘Pakistan’s Resilient Recovery Strategy’, during the International Conference on Climate Resilient Pakistan in Geneva.

“Pakistan’s urgent expectation from this conference is not merely a commitment of resources for reconstruction and rehabilitation in short-to-medium term, but we are also looking forward for budget inflows and assistance during the remainder of the current fiscal year,” he said.

He said the financing would make it possible for the government to continue providing relief to flood-affected people. He said friendly countries can consider debt swaps and using financial instruments tied to relocation of equivalent domestic budgetary resources.

He said the support from friendly countries and multilateral donors would not only help with flood relief and rehabilitation but would also create fiscal space and external debt sustainability for the country.

Advertisement

The minister clarified that Pakistan remained committed to its international obligations and was on track regarding the macroeconomic fiscal reform agenda which focuses on increasing revenues, spending on social programmes, and decreasing expenditure to create more fiscal space for the reconstruction and rehabilitation.

He said Pakistan was now facing challenges on account of additional outlays incurred and projects for flood-related rescue relief and rehabilitation needs. Existing limited space negatively impacts Pakistani’s ability to provide resilience and determination to all those affected by the natural disaster, he added.

He said Pakistan was carrying out fiscal reforms necessary for long term recovery and sustainability, however, it urgently needed short term assistance to navigate through a number of challenges.

“We hope that our friends, partners and supporters always stand with us by providing a required assistance during this most critical phase of Pakistan,” he added.

The minister highlighted the need for fighting climate change together and expressed gratitude to the international community for supporting Pakistan at the time of this unprecedented crisis.

The finance minister said while Pakistan was facing the challenges caused by global developments such as the Russian-Ukraine war, energy crisis, rising inflation and poverty, it has to face the catastrophe of unprecedented floods in recent history.

Advertisement

He said the floods caused devastation, particularly in Sindh and Balochistan provinces and that over 33 million people were affected and over two million houses were either damaged or destroyed.

He said a significant portion of the country remained submerged in waters for months affecting subsequent crop cycles and closing down schools and hospitals.

He said, around 22,000 schools were affected leaving 3.5 million students without access to classrooms, hence leading to a learning crisis.

He said the government made rehabilitation its top priority and provide cash assistance of Rs 17 billion to flood victims through Benazir Income Support Programme (BISP).

He appreciated World Bank’s (WB) prompt assistance of $1.6 billion for rehabilitation and additional $500 million for building climate resilient Pakistan.

He said Post Disaster Needs Assessment (PNDA) report conducted by World Bank, UNDP, European Union, Asian Development Bank with assistance of Ministry of Planning, Development and Special Initiatives has estimated economic and physical losses at over $30 billion.

Advertisement

He said the cost of rehabilitation and reconstruction work was estimated at $16.3 billion. He said Pakistan should be able to contribute $8 billion for reconstruction during next three years.

 

Also Read

PM Shehbaz Sharif calls for support of $16.3bn post floods
PM Shehbaz Sharif calls for support of $16.3bn post floods

PM Shehbaz Sharif called for global support post floods He was addressing...

 

Advertisement
Advertisement
Read More News On

Catch all the Pakistan News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article
Advertisement
In The Spotlight Popular from Pakistan Entertainment
Advertisement

Next Story