Pakistan’s SOS at the World Economic Forum has been responded to with pledges worth $8.57 billion by the international community, as Prime Minister Shehbaz Sharif yesterday sought the world attention towards the death and destruction in the wake of the flash floods in the country last summer. The most generous of the vows at the ‘Climate Resilient Pakistan’ conference was made by the Islamic Development Bank ($4.2 billion), followed by World Bank ($2 billion) and Asian Development Bank ($1.5 billion), according to Information Minister Marriyum Aurangzeb. Others saying yes to PM Shehbaz’s call include France ($345 million), China ($100 million), EU ($93 million), Germany ($88 million) and Japan ($77 million).
The Geneva conference came as an apt opportunity for Pakistan to make a case on its destitution. The monsoon deluge has left behind a staggering bill to foot — consisting of losses exceeding $30 billion, roughly 8 per cent of Pakistan’s GDP — and more than 33 million people homeless. The PM, meanwhile, was candid as he said his “country cannot go back to business as usual” amid the flood havoc. His note on calamity coincided with the slumping economic situation back home as forex reserves held by the central bank slump below $5 billion, and the masses are seriously struggling at the hands of rising inflation and unemployment. Independent estimates say that around 9 million people are new additions to those living below the line of poverty — pointing towards the combined effect of the economic meltdown and the flood devastation.
While it’s ‘so far, so good’ from the international community, the bigger task is of getting the pledges converted into concrete action. The international community must not let a strategic country go down the drain. Pakistan has done its bit for peace and security, and is a responsible nuclear power. It augurs well for geo-economics in the region and has been at the vanguard in promoting cooperation in an attempt to defeat terrorism. Keeping in view the tangibles, the world is expected to keep up its pledge to address Pakistan’s woes and bail it out of the economic crunch it is in these days.
Published in The Express Tribune, January 10th, 2023.
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