Finance Ministry estimates 12 billion dollars flood losses

ISLAMABAD: Flooding has inflicted irreparable loss of 12 billion US dollars to the economy, citing sources ARY News reported on Thursday.

Federal Ministry of Finance has compiled report on losses in devastating floods and submitted it to the Prime Minister’s Office, sources said.

“The economic growth is estimated to go down to 3.3 percent from expected five percent,” sources at the finance ministry said. “Decline in economic growth is apprehended to slide the rate of job creation by 1.2 pct,” sources said.

Flooding will hinder completion of development projects of 180 billion rupees cost, sources further said. The flood impact on development project will also slash six lac jobs, according to sources.

The government has decided to get assistance from the International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB) and other financial institutions, sources said.

Finance Minister Miftah Ismail has contacted the IMF officials and requested for financial assistance to tackle the economic situation resulted owing to flood devastation, ministry sources said.

“The report on the situation will also be dispatched to the ADP, WB and other financial institutions, sources said.

Flooding has wreaked havoc to the agriculture and infrastructure of the country, according to the ministry’s sources.

Pakistan is facing formidable economic and other challenges after extraordinary flooding inflicted colossal losses to the economy and infrastructure.