Pakistan needs up to $30 billion for flood recovery

From Daily Times:

Pakistan needs up to $30 billion for flood recovery

* WB, ADB joint assessment estimates $9.5bn damage

* Agriculture, livestock worst-hit with Rs 428bn loss

By Sajid Chaudhry

ISLAMABAD: The World Bank (WB) and Asian Development Bank (ADB) in their joint Damage Need Assessment (DNA) have estimated that Pakistan would need $30 billion to reconstruct infrastructure and rehabilitate affected people in the flood-affected areas.

The survey found that the country suffered a loss of $9.5 billion (around Rs 800 billion) to public and private property, crops and other infrastructure in all four provinces and the Federally Administered Tribal Areas (FATA). The $30 billion estimate covers reconstruction and rehabilitation costs of destroyed infrastructure and compensation of losses in the public and private sector, official sources at the Ministry of Finance confirmed to Daily Times on Tuesday. The banks have shared these figures with the country’s economic managers and a formal announcement would be made at the Friends of Democratic Pakistan (FODP) meeting, scheduled on October 14 in Brussels.

Minister of State for Finance and Economic Affairs Hina Rabbani Khar will represent Pakistan at the FODP meeting, where ADB director general and WB vice president for South Asia are expected to announce the results of DNA. According to the sources, the assessment comprises two parts: estimates of damage caused by the floods and needs of the country for reconstruction and rehabilitation of infrastructure and compensation of losses in the public and private sector.

Estimates about damage to public and private properties had been calculated on the basis of cost of the infrastructure at time of its construction. The “need” portion of the DNA had been prepared on the basis of cost of cement, steel, labour and other constructions in the market, explained the official sources. According to initial estimates, Punjab suffered Rs 253 billion loss; Sindh, Rs 350 billion; Khyber Pakhtunkhwa, Rs 103 billion; Balochistan, Rs 55 billion and FATA Rs 5 billion. Most of the damage occurred in the agriculture and livestock sector, which was estimated at Rs 428 billion.

Daily Times - Leading News Resource of Pakistan - Pakistan needs up to $30 billion for flood recovery