Pakistan’s economy lost $10 billion due to floods

According to Minister for Finance Miftah Ismail, the flash floods in Pakistan have cost several sectors of the country’s already faltering economy at least $10 billion.

According to The News’s reporting, Miftah stated these were preliminary estimates that may increase after completing surveys on the ground.

However, the Minister did not know how much money each economic sector had lost.

When asked if the first damage estimate had been shared with the funders, he said no.

According to high-ranking government officials, Islamabad will first seek financial aid from the international community, and only after that will it conduct an assessment of the damages, either independently or in collaboration with the donors, to determine the exact figures; however, the government will prioritise relief efforts to save the victims.

The News claimed that during the relief and rehabilitation phases of the 2005 earthquake and the 2010 floods, donors supported Islamabad with the rebuilding phase.

Currently, the same tactic would be used.

It has been estimated that in the provinces of Punjab, Sindh, Balochistan, and Khyber Pakhtunkhwa alone, more than 1,000 people have perished and millions of animals have been lost due to the recent flooding.

According to the most recent report from the National Disaster Management Authority (NDMA), at least 1,000 people have been killed and 1,527 wounded since the heavy rain and ensuing floods began in June, leaving millions of people throughout the nation without a place to call home.

There were 207 females and 348 children among the victims, the NDMA reports.

There have been 347 fatalities and 1,009 injuries due to monsoon-related incidents so far, with the province of Sindh being the most afflicted.

Roads totaling 3,451 kilometres in length, 149 bridges, and 170 businesses were destroyed in the flash floods.