Pakistan seeks billions of dollars after floods

Pakistan would ask international lenders for billions of dollars in loans after devastating floods exacerbated the country’s economic crisis, the Financial Times reported on Wednesday.

The FT, while FT quoting Prime Minister Shehbaz Sharif as saying, reported that Pakistan needed "huge sums of money" for "mega undertakings" such as rebuilding roads, bridges and other infrastructure damaged or washed away.

"We are not asking for any kind of measure [such as] a rescheduling or a moratorium," Shehbaz told the Financial Times.

"We are asking for additional funds," he added, without specifying the amount Pakistan is seeking.

The prime minister repeated an estimate of $30 billion in flood damage to the economy. According to the report, concerns about Islamabad's ability to raise money to meet external financing requirements had worsened the situation.

“There is a gap — and a very serious gap — which is widening by the day between our demands and what we have received,” Prime Minister Shehbaz said, while responding to a question.

He stated that Pakistan was in a war against climate change-induced havoc and had become a victim. “Tomorrow another country can, and we don’t want that to happen,” he added.

“We are obviously concerned because if there is dissatisfaction leading to deeper political instability and we are not able to achieve our basic requirements and goals, this can obviously lead to serious problems,” he said.

“I’m not saying it in terms of any kind of threat, but I’m saying there’s a real possibility,” he remarked. “We are only asking for climate justice, we are not using the word reparations at all.”Climate-resilient housingShehbaz chaired the first meeting of Pakistan Climate Change Council (PCCC). He directed for devising a national plan for the construction of houses and infrastructure that could withstand climate change effects.

In this regard, Shehbaz directed for constituting a committee of experts for the preparation of comprehensive plan in a major decision regarding the rehabilitation of flood-affected people and to avoid environmental dangers in future.

With the area of Sindh delta dried due to climate change and the need to protect Pakistan from the danger of severe drought, the prime minister said, measures should be proposed as per the experts’ opinion.

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