Pakistan minister reveals 90% pledges by int'l community at Geneva conference were project ‘loans’

Ishaq Dar, Pakistan's finance minister, stated on Wednesday that about 90% of the international community's promises for the flood-affected nation were project loans that will be disbursed over the following three years.His comments come two days after the international world promised around $10 billion at a donors' summit in Geneva to assist the cash-strapped nation in rebuilding after last year's devastating floods in a climate-resilient way.

The summit, which lasted the entire day and was co-hosted by Pakistan and the UN in Geneva on Monday, brought together representatives from almost 40 nations as well as private donors and international financial organisations.

Dar had to clarify that USD 8.7 billion of the commitments were loans since there was uncertainty regarding the type of financial assistanceeven though he remained mum on the conditions of these loans.

Add WION as a Preferred Source

The cash-strapped nation "expects the terms to be lenient," Prime Minister Shehbaz Sharif said in a press conference, adding that the pledged sum will be distributed over the following three years.

The Asian Development Bank, the Asian Infrastructure Investment Bank, and the World Bank all made pledges, according to the finance minister, bringing total project loan financing to over USD 8 billion.

Also watch |Pakistan’s former Poverty Alleviation Minister Dr. Sania Nishtar speaks to WION’s Anas Mallick

"I am not incorporating the pledge made by the Saudi Development Bank on purpose here because it is not clear whether their announcement of USD 1 billion pertains to programme lending or project loan," Dar said.

The prime minister had earlier vowed that funds donated by the international community will be used for the welfare of the flood-affected people at the beginning of the briefing, when he hailed the Geneva meeting as a success.

33 million people were impacted and 1,739 people died as a result of the disastrous floods that hit Pakistan last year.

He also laudedForeign Minister Bilawal Bhutto Zardari for his efforts in meeting foreign dignitaries and raising "the case of Pakistan effectively".

In his address, Bilawal said that by securing relief for flood victims and refuting the misconception that Pakistan was alone, the administration had hit "two targets with a single shot."

(With inputs from agencies)

WATCH WION LIVE HERE: