WASHINGTON: The World Bank on Friday said that Pakistan’s loss and damage assessment report being prepared by international institutions will be released next week, saying the country needs to take difficult steps for financial recovery.
Pakistan has appealed for climate justice and sought billions of dollars in funds following the floods that killed over 1,700 people, destroyed crops and displaced millions of people across the country.
A donor’s conference is also expected later this year in France to generate funds for the reconstruction and rehabilitation of the flood affectees.
The WB said that it can not comment on the figures shared in this regard, however, cataclysmic floods have caused enormous damage.
It added that UNDP, European Union and other international agencies are involved in the preparation of the report and the funds needed for rehabilitation and reconstruction could only be finalized after the completion of the survey.
Acknowledging that reforms will be difficult due to the worsening economic situation after the floods, the World Bank hoped that Pakistan will continue to implement reforms as promised.
“Pakistan needs to take difficult decisions for economic recovery,” it said.
In an interview with international media recently Finance Minister Ishaq Dar said Pakistan quickly needs more than $16 billion to recover from devastating floods.
Dar said that a flood donors’ conference promised by French President Emmanuel Macron would take place next month which he hoped would help Pakistan both with immediate and longer-term needs.
He said that a new study commissioned in part by the World Bank and the Asian Development Bank found that Pakistan sustained $32.4 billion in flood losses and would require $16.2 billion for reconstruction and rehabilitation.
"With that challenge, obviously, we have to go to the drawing board" to allocate funding, he said.
He said that minor adjustments may be needed but "everything is in order" for the next review of the IMF which could release further funding.
The World Bank earlier this month once again downgraded the growth forecast for Pakistan, expecting its economy to expand by only 2% in the year through June due to the floods as well as inflation and troubled finances.
Dar, while not criticising the World Bank´s methodology, said he was a "little more optimistic" and envisioned growth of 3%.
"I think things are settling down already," he said, while not ruling out impacts from global troubles.
Sialkot woman chopped victim's body into pieces, sealed it in a sack and disposed of in a drain
NAB chairman and investigation officer should resign, Khan's counsel says in backdrop of Toshakhana case
Solution to IIOJK dispute as per UNSC resolution inevitable, says army chief at Margalla Dialogue 2024
"Schools will remain closed for another week due to hazardous air quality," says Marriyum Aurangzeb
Ex-security czar faced charges of levelling allegations against President Zardari of conspiracy and incitement
Only procedure has changed after amendment, SC can still take suo motu notice, says Justice Mazhar
