By Staff Reporter
ISLAMABAD: The World Bank said it will provide about $2 billion in aid to Pakistan, ravaged by floods that have killed more than 1,700 people this year.
Unprecedented monsoon rains and flooding this year — which many experts attribute to climate change — have also injured some 13,000 people across the country since mid-June. The floods have displaced millions and destroyed crops, half a million homes and thousands of kilometers of roads.
The World Bank’s country director Najy Benhassine announced the decision during a meeting with Finance Minister Ishaq Dar in Islamabad on Saturday, saying the funds will be allocated from the bank’s existing financed projects for “emergency operations” in flood-battered areas.
The World Bank’s pledge comes days after the Asian Development Bank announced $2.3 to $2.5 billion in flood relief support.
A government statement stated that Benhassine also said approximately $1.5 billion of the total promised amount will be mobilised this year due to the “emergency situation” in flood-affected areas.
Dar, for his part, discussed with the World Bank delegation 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 appreciated the international lending institution for being a “source of support” in pursuing Islamabad’s reform agenda and implementing various development projects across the country.
Minister Dar assured Benhassine and his team of meeting prior actions for timely completion of programmes and thanked them for their continuous support and facilitation.
Dar said the government is cognizant of economic issues and is taking pragmatic steps to resolve bottlenecks to growth.
“The present government is committed to set the economy on sustainable and inclusive growth path,” the statement said.
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