January 11, 2023
2 mins read

Pakistan manages to secure over $10.5b in flood pledges

The country, with a $350 billion economy, secured commitments worth $8.57 billion by the end of the plenary session I, while it managed to secure over $2 billion in the second session…reports Asian Lite News

Pakistan has managed to secure over $ 10.5 billion in flood pledges which would be materialised in three phases — short-term for up to one year, medium-term for up to three years and long-term for up to five to seven years period — for the reconstruction of flood-affected areas, The News reported.

The cash-strapped nation clinched the pledges at the one-day International Conference on Climate Resilient Pakistan in Geneva after Pak Prime Minister Shehbaz Sharif launched an $8 billion flood aid appeal, aimed at helping the country overcome the devastation caused due to the cataclysmic floods.

The country, with a $350 billion economy, secured commitments worth $8.57 billion by the end of the plenary session I, while it managed to secure over $2 billion in the second session, The News reported.

There were four Strategic Recovery Objectives (SRO). SRO1 includes enhancing governance and the capacities of the state institutions to restore the lives and livelihoods of the affected people. Especially, the most vulnerable SRO1 seeks to rebuild governance-related physical infrastructure that has been destroyed and damaged by the floods, as well as restore and enable a governance structure and system that fosters efficiency, effectiveness, transparency and inclusiveness.

The key will be to enable all tiers of the government to prepare and respond to natural hazards and climate change through gender-informed and community-led, structural and non-structural risk reduction measures, including through ecosystem adaptation and landscape restoration, The News reported.

In the summer of 2022, a combination of heavy rains and riverine, urban and flash floodings has led to an unprecedented natural disaster in Pakistan.

According to official figures, the floods affected 33 million people, with more than 1,730 lives lost and two million housing units impacted.

Thousands of schools and hospitals were also damaged or destroyed.

The poverty rate in the country is estimated to steadily increase, pushing a further 9.1 million people below the poverty line.

“South Asia is one of the world’s climate crisis hotspots — in which people are 15 times more likely to die from climate impacts than elsewhere,” UN Secretary-General Antonio Guterres said.

ALSO READ: Top US diplomat Donald Lu set to participate in India-US Forum

Previous Story

New Chinese envoy arrives in Nepal to revive BRI projects

Next Story

Pak Taliban announces shadow government

Latest from -Top News

U.S. Raises Alarm for Americans in Pakistan

Earlier, the US Department of State had issued a travel advisory in March, also urging its citizens to “reconsider travel to Pakistan due to terrorism and the potential for armed conflict.”…reports Asian Lite

Khawaja Asif: Peace Only If India Backs Down

The Indian strikes and Islamabad’s retaliation has jolted locals who fear that it could potentially lead to a full-scale war between the two countries…reports Asian Lite Ndews Pakistan’s Defence Minister Khawaja Asif

India Rising, Pakistan Crumbling

Pakistan is on the verge of economic collapse and is surviving on IMF loans, with its forex reserves down to $15 billion…reports Asian Lite News While Pakistan has threatened to respond forcefully

Israel backs India’s ‘Operation Sindoor’

The military operation struck camps and logistical hubs linked to terror groups held responsible for orchestrating the Pahalgam attack…reports Asian Lite News Israel has voiced strong support for India’s right to defend
Go toTop

Don't Miss

Afghan Taliban have no plans to withdraw support to TTP

The report argues that “the Taliban’s response to being confronted

Imran retracts criticism of Pak diplomats after facing flak  

Khan had last Wednesday in a video conference with Pakistani