World Bank on Saturday announced to allocate US$2 billion for flood-ravaged Pakistan, from the organization’s existing paid projects, in order to carry out emergency operations, and rehabilitation of masses of flood victims along with the reconstruction of infrastructures in the areas affected by flash flooding.
Country Director of World Bank, Najy Benhassine, made the announcement during a meeting with Finance Minister Ishaq Dar in Islamabad, highlighting that nearly $1.5 billion of the total promised amount will be provided this year due to the “emergency situation” in flood-hit areas.
The development follows the announcement of $2.3 to $2.5 billion assistance by the Asian Development Bank a few days back in “flood relief support” to help Pakistan cope with the damage caused by unprecedented rains and torrential floods in the South Asian country.
The finance minister also briefed Najy Benhassine about the financial challenges that Pakistan is currently going through. He said that the incumbent government is mindful of these problems and is taking practical steps to resolve bottlenecks to progress.
“The present government is committed to setting the economy on a sustainable and inclusive growth path,” Dar told the Country Director WB according to a statement released by the Finance Division.
The finance minister further lauded the World Bank for its assistance in following the reform agenda and executing various development plans for the country.
He said that Pakistan admires the technical and financial support delivered by the World Bank for the economic development and institutional reforms of the country.
Most of the South Asian region has been devastated by the recent Monsoon spells which have developed increased ferocity and unpredictability in recent years due to climate change and global warming.
The apocalyptic floods since mid-June across Pakistan have killed over 1700 people while damaging about 45% of the country’s cropland, causing a serious threat to the country’s food security.
Additionally, the colossal destruction will also cost $30 billion to fix, according to estimates given by the government.