Economic losses from floods in Pakistan amount to around $18 billion
The estimated economic loss from the unprecedented floods in Pakistan is close to USD 18 billion, an increase from the previously estimated USD 12.5 billion, as calculated by the Center and endorsed by the provinces.
The growth of agriculture suffered a much more severe impact as a result of the floods. The catastrophic floods destroyed crops on 8.25 million acres from an initial assessment of 4.2 million acres, further increasing economic losses, The News International reported.
Cotton, rice and minor crops have been badly damaged and if the dewatering is not carried out properly, it can cause serious problems for the sowing of wheat. The cotton harvest has evaporated in most parts of the country and now the wheat plantings are threatened.
The Ministry of National Food Security has been instructed to submit a summary to increase the minimum support price of wheat for the next harvest.
Authorities held meetings with international donors and assured them that Pakistan would put in place an effective monitoring and evaluation system to use every penny to mitigate flood losses in a transparent manner, The News International reported.
In the wake of increasing economic losses and reduced GDP growth, per capita income is expected to slow. The government had envisaged a GDP growth rate of 5 percent for the current fiscal year.
In addition, poverty and unemployment will increase dramatically, from 21.9% to over 36%. According to Pakistani government estimates, some 37% of the population has been affected by poverty after the floods in 118 districts.
A high-level committee comprised of representatives from the Ministry of Finance, Ministry of Planning, State Bank of Pakistan, RBF, PIDE and others assessed that poverty and unemployment have increased in several ways , rising from 21.9% to more than 36%.
UN Secretary-General Antonio Guterres landed in Pakistan on Friday for a two-day visit to take stock of the flooding situation and express solidarity with the people of the country affected by the extreme rains of the monsoon.
The UN chief will have meetings with Pakistani leaders and senior officials to exchange views on the national and global response to this disaster caused by climate change, an official statement said.
Guterres will travel to the areas most affected by the climate catastrophe in Pakistan. He will interact with displaced families and first responders on the ground, and oversee UN humanitarian response work in support of government rescue and relief efforts for millions of affected people.
Meanwhile, as Pakistan grapples with unprecedented flooding, the World Health Organization (WHO) has also warned of a worsening crisis in the country ravaged by record rains.
“We are following closely and with deep concern the humanitarian crisis currently facing the people of Pakistan following the devastating monsoon floods,” said Dr Ahmed Al-Mandhari, WHO Regional Director for the Mediterranean. East, about the floods in Pakistan.
In a press release issued on September 5, Dr Al-Mandhari said the current scale of flood damage and destruction is unprecedented in Pakistan – a result of long-term global climate change leading to more severe weather patterns. .
According to the World Meteorological Organization (WMO), Pakistan is facing one of the worst floods in its history.
The government estimates that millions of people across the country are affected by the rains, floods and impacts such as landslides, destruction of infrastructure, homes, farmland and livestock. The catastrophic floods have so far claimed at least 1,325 lives in Pakistan.
The human and socio-economic toll is expected to rise as flood levels continue to rise, with immense pressure on the country’s dams.
Pakistan’s meteorological service said it was the wettest August since records began in 1961. The national rainfall was 243% above average. In Baluchistan province it was +590% and in Sindh +726%, according to the monthly report.
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