The World Bank has proposed $2 billion in finance to jump-start infrastructure restoration and rebuilding following severe flooding.
Martin Raiser, the new Vice President of the World Bank for the South Asia Region, revealed that he had just returned from his first official trip to the country that had been devastated by floods and reaffirmed his commitment to helping the Pakistani people as the floods wreaked havoc all over the nation.
The international lender expressed regret for the loss of lives and livelihoods and stated that they were collaborating with the federal and provincial governments to offer prompt relief.
A World Bank official also disclosed that monies from ongoing World Bank-financed programmes are being repurposed to address immediate needs in the areas of health, food, shelter, rehabilitation, and cash transfers.
The Prime Minister, Shehbaz Sharif, has been requesting a freeze on loan repayment from the Paris Club and others, claiming that there is a huge discrepancy between what is being requested and what is actually available. He also asked the head of the UN and the leaders of Europe to help.
Recently, the PM of Pakistan visited New York City for the UNGA. In his speech, the PM emphasised Islamabad’s predicament following the flooding disaster and pleaded with world leaders to band together and take action before it’s too late.
