Pakistan’s economic loss from catastrophic flood reaches to $18 billion
The rapid assessment cost on projected economic losses following catastrophic floods as calculated by the Centre and endorsed by the provinces has gone up further to the tune of $17-$18 billion.
According to sources in the Ministry of Finance, a report has been prepared based on preliminary estimates of the damage caused by the flood, which includes agriculture and infrastructure loss.
According to the sources, the country’s economy suffered an irreparable loss of $12 billion due to floods, in view of which the economic growth rate is estimated to be reduced from 5% to 3.3%.
The report sent to the Prime Minister’s Office stated that, employment resources likely to decrease by 1.2 percent due to the melting economic growth rate.
According to the report, development projects worth about Rs180 billion will not be completed due to the floods which will deprive about 0.6 million citizens from job opportunities.
In this regard, Finance Minister Miftah Ismail has contacted the IMF officials, while sources said that the report of the flood damage will be sent to the Asian Development Bank, the World Bank and other financial institutions as well to appeal for the financial assistance of flood-hit country.