The floods caused by abnormal monsoon rains and glacial melt have submerged huge swathes of Pakistan and killed nearly 1,700 people, majority of them children and women, in addition to swiping away worth $30bn of crop, livestock, railway tracks, bridges and other essential infrastructure. The South Asian country continues to receive international financial flood relief aid to cope with the large-scale destruction caused by the floods.
The World Bank Saturday announced the allocation of $2 billion in funds from existing projects for emergency operations in flood-affected areas. World Bank Country Director for Pakistan, Najy Benhassine, announced the decision during a meeting with Finance Minister Ishaq Dar in Islamabad on Saturday.
He further informed Dar that around $1.5 billion in funds would be mobilised this year due to an emergency situation.
During the meeting, Finance Minister Ishaq Dar appreciated the World Bank for being a source of support in pursuing reform agenda and implementing various development projects for Pakistan.
“Pakistan values the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country,” Dar said in a statement.
The finance minister briefed Benhassine about the economic challenges that Islamabad is currently facing in the aftermath of the unprecedented floods last month, mainly in terms of infrastructure and agriculture. He said that the present government is cognizant of these issues and is taking pragmatic steps to resolve bottlenecks to growth.
“The present government is committed to setting the economy on a sustainable and inclusive growth path,” Dar told the World Bank official according to a statement issued by the Finance Division.
Earlier this week, the Asian Development Bank (ADB) announced providing flood-relief support of $2.3-2.5 billion to Pakistan.
The announcement came during Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar’s meeting with a delegation of ADB, headed by its country director Yong Ye.