21.6 C
Islamabad
Wednesday, November 6, 2024
HomeWorldAsiaPakistan Suffers $30b Loss Due To Floods

Pakistan Suffers $30b Loss Due To Floods

Islamabad, 10 September 2024 (TDI): The fourth meeting of the Policy and Strategy Committee (PSC) and the Oversight Board on Post-Floods Reconstruction Activities was presided over by Ahsan Iqbal, the federal minister for planning, development, and special initiatives.

The Resilient, Rehabilitation, and Reconstruction Framework (4RF) meeting in Islamabad examined the state of international finance promises and included an assessment of the progress of active projects under the framework.

Senior officials, including the Secretary of Planning, Secretary of Economic Affairs, Chief Secretaries of every province, and international representatives from the World Bank, the Asian Development Bank (ADB), the United Nations (UN), and the European Union (EU), attended the session, which was organized by the Ministry of Planning, Development & Special Initiatives.

Reviewing and implementing the decisions from the previous PSC meeting, evaluating the state of ongoing 4RF projects, and coordinating with the United Nations Development Programme (UNDP) were the main agenda items for the meeting.

Important subjects of conversation included the ongoing reconstruction work in areas devastated by flooding and the financial commitments made by foreign donors.

Iqbal discussed the historic calamity that hit Pakistan in June and August of 2022 in his introductory remarks.

He described in detail how one-third of the nation was drowned by torrential rains, riverine floods, and urban flash floods, affecting 33 million people and forcing nearly eight million to relocate.

More than 1,700 people lost their lives in the disaster, with children accounting for one-third of the casualties. The minister reported that Khyber-Pakhtunkhwa (K-P), Balochistan, and Sindh had more than half of their districts designated as disaster areas.

In addition, he emphasized Pakistan’s sensitivity to climate change in spite of the country’s negligible 1% contribution to global greenhouse gas emissions.

The Resilient, Rehabilitation, and Reconstruction Framework (4RF) was created by the Ministry of Planning in reaction to the destruction.

Reviving economic possibilities, promoting social inclusion, reconstructing infrastructure in a resilient and sustainable manner, and improving governance and institutional capacity to restore lives and livelihoods are the four main goals outlined in this strategic policy.

A terrifying update on the disaster’s financial cost was given by the minister of planning. He disclosed the $30 billion overall economic damage that Pakistan suffered as a result of the 2022 floods.

The expected cost of recovery is $16.2 billion; however, only $10.9 billion in international pledges have been made thus far, leaving a sizable $5.3 billion shortfall.

The floods were estimated to have cost $15.2 billion in economic losses and $14.9 billion in damages by the Post-Disaster Needs Assessment (PDNA).

Also read: PM Shahbaz Sharif Expresses Sympathies, during Flood

With a projected increase in the number of impacted individuals from seven million to 14.6 million, the evaluation also brought attention to the possibility of severe food insecurity.

Furthermore, there was damage to nearly two million housing units, of which over 1.2 million were partially damaged and 780,000 completely destroyed.

Iqbal praised development partners’ post-Flood efforts and emphasized the value of international cooperation.

The speaker emphasized the importance of promptly and effectively executing rehabilitation initiatives in order to reconstruct impacted areas and reinstate economic activities.

“Together with our development partners, the goal of this conference is to evaluate the status of initiatives that the federal and provincial governments have agreed upon.

To guarantee efficiency and openness, we need to put in place a strong monitoring and assessment system. More confidence and trust among our partners will result from this,” the minister said.

Iqbal also discussed the difficulties of striking a balance between immediate recovery attempts and long-term adaptability.

“At first, it was suggested that we concentrate on resilience and long-term adaptation. Unfortunately, because adaptation is quite expensive, development partners turned their attention to short-term initiatives as the Geneva Conference drew near,” he clarified.

Despite this change, the minister gave assurances that adaptation and resilience are fully included into the 4RF framework to better prepare for upcoming climate problems.

In order to demonstrate the importance of addressing climate consequences, he cited the extreme weather variations and large agricultural losses, especially in cotton harvests.

An additional topic of discussion during the meeting was the Integrated Flood Resilience and Adaptation Project (IFRAP). Aiming to help some 35,100 people rebuild their homes in accordance with resilience requirements, the $400 million project will.

Furthermore, it works to restore vital services including water supply, irrigation, roads, and other community infrastructure. It also offers livelihood incentives to smallholder farmers and advocates climate-smart agriculture.

One of Pakistan’s most impoverished areas, Balochistan, has seen delays in flood repair operations, which has the minister concerned.

Also read: Monsoon Rains, Floods Claim Over 200 Lives in Pakistan

He emphasized that this province has to move more quickly forward and that any gaps or barriers preventing projects that are designed to withstand flooding need to be fixed right away.

To prevent more delays, Iqbal gave the pertinent ministries orders to rectify issues with zero tolerance and to return incomplete PC-I forms within 15 days.

In conclusion, the minister stated, “We are determined to rebuild stronger and make sure that future generations are better prepared to confront the problems of climate change.”

Sania Zahra
Sania Zahrahttps://thediplomaticinsight.com
A seasoned web content writer with a passion for crafting compelling narratives around the latest trends and news. Adept at producing engaging blog posts and captivating product descriptions. Driven by an insatiable curiosity and a flair for storytelling, eagerly seeking new opportunities to expand my writing horizons and contribute meaningfully to the ever-evolving literary landscape.

Trending Now

Latest News

Follow us

4,846FansLike
2,669FollowersFollow
1,700SubscribersSubscribe

Related News