Pakistan floods: almost $9 billion in donations from international sources

Date:

Pakistan floods: almost $9 billion in donations from international sources

  • news by AUN News correspondent
  • Tuesday, January 10, 2023
  • AUN News – ISSN: 2949-8090

Summary:

  • More than $9 billion (£7.4 billion) has been given by donors from around the world to assist Pakistan in recovering from the disastrous floods that struck the nation last year.

  • It represents more than half of Pakistan’s estimated $16.3 billion recovery budget.

  • At least 1,700 people were killed by the floods of last year, and eight million more were left homeless.

  • The commitments come while Pakistan is still negotiating the terms of the next instalment of a global bailout.

  • Saudi Arabia, the World Bank, and the Islamic Development Bank were some of the most important donors.

More than $9 billion (£7.4 billion) has been given by donors from around the world to assist Pakistan in recovering from the disastrous floods that struck the nation last year.

It represents more than half of Pakistan’s estimated $16.3 billion recovery budget.

At least 1,700 people were killed by the floods of last year, and eight million more were left homeless.

Pakistan was still discussing the terms of the next part of a global bailout when it made these promises.

Hina Rabbani Khar, Pakistan’s state minister for foreign affairs, said at a climate summit co-hosted by the UN in Geneva, “Today has been a day that gives us a lot of hope.”

She continued, “I believe the message from the world is clear: the world will support people who experience any national disaster.

Saudi Arabia, the World Bank, and the Islamic Development Bank were some of the most important donors.

We, China, France, and the European Union also made contributions.

It came after UN Secretary-General Antonio Guterres asked for a lot of money to help Pakistan recover from a “climate disaster of historic scale.”

IMF rescue

On the summit’s sidelines, Pakistan said it planned to finish a bailout deal with the International Monetary Fund (IMF).

It happened when the IMF still hadn’t authorized the release of $1.1 billion scheduled for November last year.

The 220 million-person country has been working hard to stabilize its economy for years.

To help preserve electricity, the government mandated that marketplaces and shopping centers close earlier each day this week.

The majority of Pakistan’s electricity is produced using imported fossil fuels.

The world’s energy prices increased last year, further straining the nation’s already precarious finances.

The nation requires foreign currency, notably US dollars, to pay for those energy imports.

However, the Pakistani government’s foreign exchange holdings decreased by almost 50% last year.

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