Tag: financial support

  • World Bank to provide Pakistan $22.2 million in financial support for flood-affected farmers

    World Bank to provide Pakistan $22.2 million in financial support for flood-affected farmers

    In an attempt to help Pakistan’s flood-affected farmers, the World Bank will provide financial support of $22.2 million.

    A delegation led by the World Bank’s South Asia Regional Director for Sustainable Development, John A Roome, met with the Federal Minister for National Food Security and Research, Tariq Bashir Cheema.

    The discussion at the meeting focused on the farmer community and food security, as well as the rehabilitation and relief operations in the flood-affected areas.

    According to the minister, rain and flooding have wreaked havoc on the agricultural industry and destroyed the farming community. In order to restore normalcy, he claimed that at this crucial moment, all attention is being paid to restoration efforts in the flood-affected districts.

    He mentioned the government’s intention to provide subsidies for fertiliser and seeds to help the impacted farmers. According to the idea, the federal government will cost-share with the provinces to give farmers discounted inputs for the upcoming Rabi season.

    “We plan to provide subsidized wheat and edible oil seeds, and one fertilizer bag per acre to farmers in the calamity-hit areas,” he said.

    Provincial governments and the National Disaster Management Authority will handle the disbursement. He believed that with this support, farmers will be able to stand up again.

    According to John A. Roome, the World Bank would assist Pakistan by funding initiatives aimed at rebuilding the devastated neighbourhood. He consented to assist the World Bank’s Locust Emergency and Food Security (LEAFS) initiative in rehabilitating the farming community in the afflicted districts and locust-stricken regions. He said that the World Bank is assisting the farming community by collaborating with provincial agriculture agencies.

    He stated that he would ask the World Bank Group Board to extend aid to Pakistan as it attempts to recover from the damage brought on by unheard-of floods. The minister also praised the World Bank Group’s support at a time when assistance was most needed for the country.

  • UK’s £1.5 million financial support for Pakistan flood victims termed ‘pathetically small’

    UK’s £1.5 million financial support for Pakistan flood victims termed ‘pathetically small’

    The International Development Committee (IDC) of the British Parliament has called the UK’s financial support for disastrous floods in Pakistan ‘risible’.

    The “pathetically small” amount of support provided, according to IDC chair Sarah Champion, made her feel ashamed. She further said that by choosing to take the money out of Pakistan’s current aid, the UK was really doing nothing for Pakistan.

    According to Independent, the contribution of up to £1.5 million announced last week, according to IDC chair Sarah Champion in a letter to foreign secretary Liz Truss, equals less than 5p for each individual impacted by the heavy rain that has devastated more than 700,000 homes.

    As soon as parliament reconvened on Monday after its summer recess, she requested Ms Truss make an urgent statement regarding the calamity.

    The response to the floods, according to Ms Champion, revealed Boris Johnson’s administration policy of continued apathy towards Pakistan, which has dropped from first to seventh in the list of countries receiving bilateral aid from the UK since 2019.

    Last week, Lord Ahmad, a minister in the Foreign Office, expressed his thoughts and prayers for the millions of people impacted by the floods that have apparently inundated a third of Pakistan’s territory. “The UK stands with the people of Pakistan during this time of need,” he said.

    And on Tuesday, Mr Johnson expressed his deepest sympathies for the Pakistani people, saying, “We have witnessed the destruction there, and it is truly heartbreaking.

    “Pakistan is traditionally one of the biggest recipients of UK overseas aid. We will of course make sure that we send a fitting package commensurate with the vital relationship that there is between the UK and Pakistan and people’s natural sympathies with those who have been affected by the floods.”

    However, Ms. Champion wrote to Ms Truss in her letter, saying, “Considering the scope and impact of the flooding, I was ashamed to read the government’s declaration of ‘up to £1.5m from the UK’ in humanitarian support on August 27, 2022.”

    “Even if the full £1.5m were delivered, it would amount to less than 5p for each person affected.”

    “Furthermore, that pathetically small sum will be subtracted from ‘existing support to Pakistan’. The UK government’s risible response to this humanitarian disaster arguably amounts to nothing.”

     “However, UK aid funding to Pakistan has been cut dramatically. Pakistan has fallen to seventh in the list of UK bilateral aid recipients since it experienced the largest single decrease in any country budget.”

    A Foreign Office spokesperson said that Ms Champion’s letter had been received and a response would be made in due course.

    It is important to note that Ahsan Iqbal, Pakistan’s Minister of Planning, previously estimated that the cost of the flood damage could reach $10 billion.

  • Flood-related losses may exceed $10 billion: Ahsan Iqbal

    Flood-related losses may exceed $10 billion: Ahsan Iqbal

    Planning Minister Ahsan Iqbal said that the initial economic losses caused by the floods in Pakistan cost at least $10 billion.

    The estimated cost was disclosed by Planning Minister on Monday, saying that Pakistan needed help from the rest of the world to deal with the consequences of climate change.

    Unexpected monsoon rains have caused historic flash floods that have destroyed bridges, crops, infrastructure, and highways, killing over 1,000 people and affecting more than 33 million. “I think it is going to be huge. So far, (a) very early, preliminary estimate is that it is big, it is higher than $10 billion,” Iqbal said.

    The minister estimated that the 200-million-person South Asian country, which will be facing an acute food scarcity, may take five years to reconstruct and recover.

     Along with significant damage to the rice fields, he claimed that 45 per cent of the cotton harvests had been washed away. “I think it is going to be huge. So far, (a) very early, preliminary estimate is that it is big, it is higher than $10 billion,” Iqbal said.

    According to Reuters, the Pakistani military said in a statement on Tuesday that rescue operations were still in progress and that foreign aid, including seven military aircraft from Turkey and three from the United Arab Emirates, was beginning to reach the nation.

    More aid will be sent to Pakistan as a result, which will assist it in overcoming its current condition.

    More than 300 stranded persons had been airlifted away, more than 23 metric tonnes of relief supplies had been provided, and more than 50 medical camps had been set up, with more than 33,000 patients receiving treatment, according to the statement.

    Moreover, China will send two aircraft on Tuesday (today) carrying 3,000 tents and Japan will send tarpaulins and shelters, in addition to the announcements of financial support from the UK, Canada, Australia, and Azerbaijan.

    As the cash-strapped nation struggles with political and economic unrest made worse by the historic floods, the International Monetary Fund (IMF) threw it another lifeline on Monday by releasing $1.17 billion in bailout funding.

    “Pakistan is in dire need and the damages are here and we will be in this a very long time,” Iqbal said. “It’s not months but years we are talking about.”

  • After PM Khan’s visit, Saudi Arabia revives $3 billion financial support to Pak

    After PM Khan’s visit, Saudi Arabia revives $3 billion financial support to Pak

    Saudi Arabia has agreed to revive its financial support to Pakistan, including about $3 billion in safe deposits and $1.2bn to $1.5bn worth of oil supplies on deferred payments, reports Dawn.

    The news was first broken by Information Minister Fawad Chaudhry. The minister took to Twitter and wrote, “Saudi Arabia announcement support Pakistan with 3 billion US dollar as deposit in Pakistan central bank and also financing refined petroleum product with 1. 2 billion us dollars during the year.”

    Energy Minister of Pakistan, Hammad Azhar confirmed the news and tweeted, “The Saudi Development Fund has generously announced for Pakistan an oil deferred payments facility of $1.2bn/annum and a $3 bn deposit with SBP. This will help ease pressures on our trade & forex accounts as a result of the global commodities price surge.”

    Prime Minister (PM) Imran Khan thanked Saudi Crown Prince Mohammad Bin Salman for supporting Pakistan with the deposit in the State Bank of Pakistan (SBP) and extending the oil facility on deferred payment.

    The facility is expected to help Pakistan convince the International Monetary Fund  (IMF) about its financing plan.

    The news came after PM Khan’s three visit to Saudi Arabia, where he went to attend the launch ceremony of the Middle East Green Initiative (MGI) Summit in the capital Riyadh.