Pakistan needs $8 billion to recover from devastating floods, says PM Sharif at UN conference
Pakistan PM Shehbaz Sharif at Geneva
Pakistan requires $8 billion from its global allies in the next three years to recover from the devastating 2022 floods. Pakistan's Prime Minister Shehbaz Sharif proposed the bailout plan in Geneva on Monday.
Pakistan witnessed 'calamitous' floods last year that massively impacted and strained the nation's economy. Moreover, the floods killed around 1,700 people and displaced eight million people. Recovering measures might cost nearly $16 billion, Reuters news agency reported.
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In addition to Pakistan's plea, the Secretary General of the United Nations, Antonio Guterres, called other countries to aid the flood-ravaged nation. "We must match the heroic response of the people of Pakistan with our efforts and massive investments to strengthen their communities for the future," Antonio Guterres said in Geneva. The UN Secretary-General also referred to Pakistan as a 'doubly victimised' nation.
While Pakistan hasn't recovered from losses during the flood, the country's economy remains in turmoil.
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UN development agency Chief, Achim Steiner, called the floods a 'cataclysmic' event. He said that the nations need to step up for Pakistan as it has already faced an extraordinary amount of misery.
Bilawal Bhutto Zardari, Pakistan's foreign minister, also attended the conference in Geneva. He said, "This is the greatest climate disaster in our country's history. Pakistan will need considerable support over the next several years." Furthermore, he asked other countries to aid Pakistan in their comprehensive recovery plan.
The government of Pakistan has shut down shops and wedding halls to save fuel and electricity. The economic chaos seems to deepen as citizens find it difficult to fulfil basic life needs.
(With inputs from agencies)
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