Pakistan’s Flood losses up to $ 30 bn dollars

GDP growth loss $ 12 billion
livestock and other accounts losses $ 4 billion
houses,other infrastructure losses $ 6 billion

Pakistan needs massive financial support to respond to this crisis as according to initial estimates the losses are around USD 30 billion, said the Secretary-General, who was speaking at the National Flood Response Coordination Centre (NFRCC) alongside Prime Minister Shehbaz Sharif.

Dr.Hafiz Pasha now claims the flood losses to cross over $ 30 billion as reassessing the new data will project the complete picture.He said ” We have worked out estimates on accumulated losses and also shared them with the government a few days back. Our estimates suggest that the country faced economic losses of $12 billion on account of GDP growth loss. The capital cost on account of damages to houses and other infrastructure caused $6 billion in losses.The livestock losses stood at $4 billion and around $2 billion on other accounts. So, in total, the worked out losses ranged between $22 to $24 billion a few days back when we shared our estimates with the government”.

Pakistan to cut its GDP growth projection for the financial year 2022-2023 to 3% from 5% due to the flood losses. Pakistan received unprecedented monsoon rains in 2022 where Sindh and Balochistan provinces received nearly 500% and 437% above average rains, respectively.

Government of Pakistan seems confuse as it fails to presents its case in relation to total flood damages the economy has so far sustained.However, now Ministry of Planning has shared a template with the provinces and assigned them to fill it out and send it back to the ministry as early as possible. The long template may require the provinces to take at least one week to respond after filling in the information. The planning ministry has been assigned to consolidate all information and then update the total accumulated losses.