Finance Ministry estimates 12b dollars flood losses

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Flooding has inflicted irreparable loss of 12 billion US dollars to the economy, Federal Ministry of Finance said on Thursday.

Federal Ministry of Finance has compiled report on losses in devastating floods and submitted it to the Prime Minister’s Office, sources said.

“The economic growth is estimated to go down to 3.3 percent from expected five percent,” sources at the finance ministry said. “Decline in economic growth is apprehended to slide the rate of job creation by 1.2 pct,” sources said.

Flooding will hinder completion of development projects of 180 billion rupees cost, sources further said. The flood impact on development project will also slash six lac jobs, according to sources.—INP

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