The United States is conducting a military support mission to flood-ravaged Pakistan, according to the U.S. Military Central Command (CENTCOM).
“In a telephone conversation with Pakistan Army Chief of Staff General Kamal Javed Bajwa on Thursday, September 1, U.S. Central Command Commander Gen. I expressed my condolences,” he said. CENTCOM Communications His Director Colonel Joe Buccino said:
“CENTCOM is sending an assessment team to Islamabad to determine potential assistance that the Pentagon can provide to USAID as part of US assistance to Pakistan’s flood crisis,” he added.
This is because Pakistan plans to reach out to global financial institutions for financial assistance in coping with devastating floods in the country.
The Shebaz Sharif government will seek help from the International Monetary Fund (IMF), the World Bank (WB), the Asian Development Bank (ADB) and others, ARY NEWS reported.
Global lenders were told a joint report by disaster management authorities, finance ministries and ministries of planning and development on losses during floods, the report said, citing sources familiar with the matter.
“A report on initial losses is being prepared, highlighting US$10 billion in losses to the economy from the devastating floods,” a source was quoted as saying.
Acknowledging this progress, Pakistan’s Finance Minister Aisha Guus Pasha said the country will approach global financial institutions for rehabilitation of flood-affected areas. “We expect to complete a flood damage estimate within two days,” she said.
Pakistan is struggling to cope with devastating flood conditions. It is estimated that more than 33 million people were affected by the floods, killing more than 1,000 and injuring about 1,500.
Shehbaz Sharif More than 6.4 million people in Pakistan are in urgent need of humanitarian assistance as the government struggles to cope with the unprecedented situation.
The cash-strapped country is considering another emergency loan just days after securing a much-needed relief package from the IMF to avert an imminent default.
Estimates suggest that Pakistan’s devastating floods may have caused losses of nearly PKR 2.5 trillion, reports The Express Tribune. Initial estimates suggest that economic growth could slow to just 2% this year.
(Only the headlines and photos in this report may have been modified by Business Standard staff. The rest of the content is auto-generated from syndicated feeds.)
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