The International Monetary Fund (IMF) has conceded that the aid provided to Pakistan in the aftermath of last year’s catastrophic floods was inadequate to effectively tackle the challenges posed by the climate crisis. According to a recent report by the IMF, Pakistan is grappling with significant economic losses as a result of climate change threats.
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The devastating floods resulted in a staggering loss of $30 billion. Although pledges amounting to $10.9 billion were made at the Geneva Donors Conference, Pakistan has received only a fraction of the promised international assistance. This shortfall in aid has exacerbated social unrest, political tensions, and adversely affected living standards in the country.
With the daunting task of reconstruction and recovery ahead, officials from the Planning Commission have revealed that crucial projects worth $4 to $5 billion are prepared for implementation, pending funding. The total cost of reconstruction is estimated at approximately $16.8 billion, with priority given to vital sectors such as housing, agriculture, and transport.
In response to the crisis, Pakistan has committed to creating a National Adaptation Plan by the end of 2024, acknowledging its position as one of the top ten countries most impacted by climate change. The nation’s proactive measures aim to address climate challenges and fortify resilience in the face of future environmental disasters.
