Hollow pledges

For Pakistan, pledges boasted by some of the top global organisations remain unfulfilled, echoing a persistent challenge when it comes to disaster recovery and reconstruction efforts. The recent revelation that the cash-strapped country has received a mere $1.48 billion out of the pledged $10.9 billion designated for post-flood reconstruction in Geneva is a glaring indictment that politics trumps humanitarianism.

The devastation caused by the floods in the previous fiscal year cannot be overstated. These catastrophic events resulted in widespread human suffering and financial hardship for communities across Pakistan. In the face of such adversity, the commitment of substantial financial support from multilateral and bilateral creditors offered hope for a swift recovery and rehabilitation process. However, the reality on the ground paints a different picture. The progress in disbursing these funds has been alarmingly slow, which not only prolongs the suffering of those directly affected by the floods but also hampers the country’s overall recovery and development.

A major contributing factor to this delay is the intricate nature of syndicated financing. The looming specter of high interest rates associated with this raises concerns about the long-term financial burden on Pakistan. To navigate these challenges successfully, the government must engage in negotiations to secure more favourable terms or explore alternative financing mechanisms. The delays in executing reconstruction projects must be promptly addressed to ensure that the allocated funds are used efficiently for their intended purpose, facilitating the recovery and rebuilding process for affected regions.

The fact that the Caretaker PM has taken notice of this issue is a positive development. However, it is crucial to emphasise that the responsibility for expediting project execution falls not only on the federal government but the moral burden also lies on the international community, who must ensure that the country receives the funds promised. Negotiations are paramount.

Published in The Express Tribune, September 25^th, 2023.

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