Pakistan floods could cause up to $12.5 billion in damage

Pakistan Floods. Image credit: UNICEF/Asad Zaidi

IBNS/Islamabad: Flood damage in Pakistan could reach up to $12.5 billion, Pakistani media reported on Sunday, citing preliminary estimates from the government.

Pakistan’s National Disaster Management Authority (NDMA) said on Monday that as a result of the monsoon rains and floods, ravaging the country since June, nearly a million homes were completely or partially destroyed, over 800,000 livestock killed, and 2,200 miles of roads and 157 bridges damaged.

According to the Geo broadcaster, a high-level committee with representatives from the Ministry of Finance, Ministry of Planning, State Bank of Pakistan, the Federal Board of Revenue and other governmental bodies estimated that poverty and unemployment have increased manifold, rising from 21.9% to more than 36%, driving the country’s economic losses up to $12.5 billion mark.

GDP growth is expected to be reduced from a previously predicted 5% to only 2% in the current fiscal year, the broadcaster added.

Pakistani authorities declared a state of emergency in the country and called on other states and international organizations to provide all possible assistance.

According to the NDMA, Pakistan has witnessed 15 inches of rainfall this year.

The International Organization for Migration said that as of September, at least 1,162 people were killed and 3,554 people were injured in Pakistan due to the catastrophic floods.

(With UNI inputs)