GENEVA: As it seeks financing to rehabilitate the 33 million impacted residents and cover billion-dollar damages, Pakistan has received commitments for more than the intended $8 billion in relief.
At a conference in Geneva, Pakistan's information minister, Marriyum Aurangzeb, said that the country has already received promises totaling $8.57 billion to aid in the recovery from the floods. At a meeting in Geneva with representatives from about 40 nations as well as private donors and international financial institutions, Prime Minister Shehbaz Sharif stated that the South Asian country needed $8 billion over the following three years. The pledges received have exceeded the initial amount sought.
At least 1,700 people were murdered and more than $16 billion in damages were caused by the devastating floods that devastated Pakistan, which has a $350 billion economy. Islamabad is funding half of these costs out of its own resources.
The pledges followed the announcement of a $8 billion flood aid appeal by Prime Minister Shehbaz Sharif at the International Conference on Climate Resilient Pakistan in Geneva, which was intended to assist the nation in recovering from the devastation brought on by the catastrophic floods.In response to the country's $8 billion flood plea, the World Bank and the Islamic Development Bank (IsDB) donated more than $6 billion to Pakistan to support its efforts to repair its climate. In addition to the World Bank's $2 billion commitment and $4.2 billion from the IsDB to Pakistan over the next three years, the US, China, and other countries have also signalled their support.
According to PM Shehbaz in Geneva, Pakistan urgently needs $8 billion from international donors over the next three years to rebuild the economy, which was largely destroyed by heavy flooding from June to October 2022. As Islamabad looks for support in what is anticipated to be a difficult situation, representatives from around 40 countries, private donors, and international financial organisations have assembled in Geneva.