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According to calculations by the Centre and supported by the provinces, the anticipated economic loss caused by Pakistan’s historic floods has increased to close to USD 18 billion, up from an earlier estimate of USD 12.5 billion. Following floods, agriculture growth was far more negatively impacted. According to The News International, the disastrous floods have devastated crops on 8.25 million acres instead of the 4.2 million acres that had initially been estimated, which has increased the economic losses.
Dewatering must be done correctly to prevent substantial issues with wheat sowing. Cotton, rice, and other minor crops have been severely harmed. In most regions of the nation, the cotton crop has failed, and now wheat planting is in jeopardy.
To enhance the minimum support price of wheat for the upcoming crop, the Ministry of National Food Security has been tasked with developing a summary.
According to The News International, the authorities met with international donors and gave them the assurance that Pakistan will set up a reliable system for monitoring and evaluating the use of every dollar allocated to reducing flood losses.
It is anticipated that the per capita income will decline as a result of rising economic losses and slower GDP growth. A 5% GDP growth rate was what the government had projected for the current fiscal year.
In addition, from 21.9 to over 36 percent, poverty and unemployment rates will rise dramatically. According to estimates from the Pakistani government, 118 districts’ flood-related poverty rate rose to over 37%.
According to a high-profile committee that included representatives from the Ministries of Finance and Planning as well as the State Bank of Pakistan, FBR, PIDE, and other organisations, the rates of poverty and unemployment have increased significantly, from 21.9% to more than 36%.
Antonio Guterres, the UN Secretary-General, arrived in Pakistan on Friday for a two-day visit to assess the flood situation and show support for the residents of the nation who have been suffering from exceptionally heavy monsoon rain.
According to a statement from the UN, the head of the organisation will meet with senior Pakistani officials to discuss the national and international responses to the climate change calamity.
In Pakistan, Guterres will visit the regions most severely affected by the climate crisis. In addition to interacting with displaced families and first responders on the ground, he will oversee the UN’s humanitarian response activities in support of the Government’s rescue and relief efforts for millions of affected people.
World Health Organization (WHO) has also issued a warning about the escalating crisis in the nation battered by the record rainfall as Pakistan fights with the historic floods.
