Pakistan to seek flood aid from IMF, WB, ADB

ISLAMABAD: Pakistan will reach out to the global lenders including International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB) and others for monetary assistance to deal with devastating floods in the country, ARY NEWS reported.

According to sources privy to the matter, the global lenders will be conveyed a joint report of NDMA, finance and planning and development ministries over losses during the floods.

“A report on initial losses has been prepared and it highlighted a loss of US$10 billion to the national economy owing to the devastating floods,” they said, adding that it included damages to infrastructure and harvest.

The report, according to sources, shared that 33 million population and one million homes were affected due to the floods. “IMF will be asked to give monetary assistance under rapid finance instrument while other global lenders will also be asked to release funds for disaster management,” they said.

State Minister for Finance Aisha Ghous Pasha confirmed the development and said that international lenders will be approached for rehabilitation of flood affected areas. “We will complete estimates of damages from floods in two days,” she said.

According to a report, Pakistan has also approached G-20 countries for relief in debt payments as the country faces devastating floods that have killed more than 1,000 people and displaced millions.

According to sources privy to the matter, six agreements with Japan, Italy and Spain will be finalized during the ongoing month for debt relief and it will help in deferring payments of US$189.5 million.

During the third session, G-20 countries have deferred debt payments of US$947 million and after agreements with the three countries, the sources said that the relief will reach US$1.13 billion.

The sources within economic affairs division said that the relief will include deferment of the US$3.1 million debt from Spain, US$1.1 million from Italy and US$180 million from Japan.