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Floods inflict $10bn loss on Pakistan economy

Islamabad : The flash floods have inflicted a loss of at least $10 billion on different sectors of the country’s struggling economy, says Minister for Finance Miftah Ismail.


Miftah said these were the initial assessments that might escalate after conducting surveys on the ground, media reported.
The Minister however, did not have the details of the losses faced by each sector of the economy at the moment.


Asked whether the country had taken the donors into confidence on the initial assessment of damage, the minister replied in the negative.


Top official sources said Islamabad would first seek financial assistance from the international community and then it might assess the damages separately or jointly with the donors to work out the exact figures, but first of all the government would focus on all-out relief efforts in order to rescue the victims.


In 2005 earthquake and 2010 floods, Pakistan and donors assessed the losses caused to different sectors of economy and then the donors helped Islamabad during the reconstruction phase after relief and rehabilitation.


Now the same strategy would be adopted. Initial assessments show that more than 1,000 people and millions of livestock have died in different parts of the country besides damage to an untold number of houses, hotels and roods in major flood-hit areas of Punjab, Sindh, Balochistan and Khyber Pakhtunkhwa.


Since the continued torrential rain and subsequent floods started in June, at least 1,000 people have died and 1,527 people others injured, while 949,858 houses were partially or fully destroyed in the calamity, rendering millions of people homeless in the country, the National Disaster Management Authority (NDMA) said in its latest update.


The victims include 207 women and 348 children, according to the NDMA.
During the current monsoon, Sindh province continued to be the worst-affected region, with 347 fatalities and 1,009 injuries due to various mishaps.


A total of 170 shops, 149 bridges, and 3,451 kilometers of highways were destroyed by flash floods around the nation. According to estimates, 719,558 animals were killed nationwide by the rain.