PM arrives in Geneva for flood recovery moot

ISLAMABAD:

Prime Minister Shehbaz Sharif arrived in Geneva on Sunday for an international conference on Pakistan’s flood recovery being held in the Swiss city on Monday (today), a visit that would also take him to the United Arab Emirates (UAE) for a day-long sojourn, officials said.

Shehbaz is in Geneva along with a high-level delegation to co-chair the international Conference on ‘Climate Resilient Pakistan’, along with UN Secretary General Antonio Guterres, the Prime Minister Office Media Wing said in a press release.

The prime minister is accompanied by Foreign Minister Bilawal Bhutto Zardari, Finance Minister Ishaq Dar, Climate Change Minister Sherry Rehman and Information Minister Marryium Aurangzeb.

Official sources confirmed to The Express Tribune that the prime minister would fly to the UAE on Tuesday after his return from Geneva. It is expected that Army Chief Gen Syed Asim Munir, who is already on a trip to Saudi Arabia and the UAE, would join the prime minister during his talks in the Gulf state.

Pakistan and the United Nations are holding the international conference in Geneva aimed at marshalling support to rebuild the country after devastating floods last September that displaced some 8 million people and killed at least 1,700 in a catastrophe blamed on climate change.

The United Nations Development Programme (UNDP) had estimated that around $16.3 billion would be required to rebuild millions of homes and thousands of kilometres of roads and railway bridges. Organisers have said that around 250 people are expected at the event, including French President Emmanuel Macron.

At the conference, the official document would be unveiled over the reconstruction and rehabilitation of the flood-affected areas. Prime Minister Shehbaz will outline the framework vision and emphasise on the need for global support and long-term partnership to implement it.

Before his departure, Shehbaz said that millions of Pakistanis, affected by unprecedented devastation due to floods, looked for compassion and solidarity to build back better. “Humanity is at an inflection point in world history. Our actions today will shape the resilient future for our succeeding generations, he said in a tweet.

The prime minister also said that he would take the opportunity to present the case of the flood victims before the world. “I will also throw light on steps my govt. has taken for relief & rehabilitation,” he added. “Bridging funding gap is key to restore critical infrastructure, rebuild lives & livelihoods & revive economy.”

On Tuesday (tomorrow), the prime minister will be in Abu Dhabi, which would be the last day of Gen Asim's trip to the UAE. As per the Inter-Service Public Relations (ISPR), the army chief is undertaking a visit to Saudi Arabia and the UAE from Jan 4 to Jan 10.

Though details are not yet clear about what compelled Prime Minister Shehbaz to travel to the UAE, it is believed the visit is linked to the deteriorating economic crises in Pakistan. The country’s forex reserves held by the central bank on Saturday fell to $4.5 billion – hardly enough to finance 25 days of imports.

In the past, China, Saudi Arabia and the UAE have helped Pakistan avert potential sovereign default, and yet again, it appears that Islamabad is turning to them. In addition to the UAE trip in an effort to seek an emergency cash deposit, Shehbaz has also spoken to the Chinese Premier Li Keqiang.

However, some analysts suggested that seeking cash deposits might not be the best route available for Pakistan. Haroon Sharif, former chairman of the Board of Investment (BoI), believes that Pakistan was increasingly relying on Gulf countries and China to deal with its "chronic balance of payment issues".

Warning that cash deposits from these countries could have political and strategic costs, Haroon Sharif stressed that it would be wise for Pakistan to seek investment and enter into economic ventures with these countries, instead of simple bailouts.

(WITH INPUT FROM APP)