Sunday, May 28, 2023

International community pledges $10 billion to Pakistan

Immigration News

Fidel Rahmati
Fidel Rahmati
Fidai Rahmati is the editor and content writer for Khaama Press. You may follow him at Twitter @FidelRahmati
Representative Image- Pakistan Finance Minister Ishaq Dar.

According to Pakistan’s finance minister, Ishaq Dar, almost 90% of the promises made by the international community for the flood-affected country were project loans that would be paid over the following three years.

The global summit held on January 9 in Geneva brought together more than 40 international donors who promised $ 10 billion to help the country rebuild from the terrible floods in a sustainable and climate-resilient manner.

Officials declared the devastating flood killed 1739 people and affected 33 million Pakistanis last year; it was one of the rarest disasters in the country’s history in the past three decades.

According to Pakistan, it would take around $30 billion to recover from the catastrophic effects of the floods, PM Sharif stated.

However, the first section of the plan focuses on the recovery and reconstruction phase, with a minimum funding requirement of 16.3 billion. However, he commented that the pledged loans by the international community on Monday would make up half of it, and the second half would come from domestic sources.

Apart from the impact of the devastating flood in Pakistan, the country also suffers from bankruptcy and cash trapped that the Saudi Development Bank announced USD 1 billion in loans.

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