FT says Pakistan seeks billions in loans after flood

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Pakistan floods

Islamabad: The Financial Times, the London-based international daily newspaper, reported on Wednesday that Pakistan will ask international lenders for billions of dollars in loans after the devastating floods exacerbated the country’s economic crisis.

Speaking to the Financial TimesPrime Minister Shehbaz Sharif said: “We are not asking for any kind of measure [such as] a rescheduling or a moratorium. We are asking for additional funds.”

Citing the damages brought on by the climate-induced floods of 2022, the Prime Minister said that the country needs “huge sums of money” for “mega undertakings” such as rebuilding roads, bridges, and other infrastructure damaged or washed away.

The report also said that PM Shehbaz did not specify the amount Pakistan is seeking, but repeated an estimate of $30 billion in flood losses.

Earlier this month, Pakistan and the United Nations made a fresh joint flash appeal in Geneva for the flood affectees of Pakistan, increasing the amount to $816 million from the original $160 million.

Pakistan’s catastrophic stance after the floods | By Mushtaq Jan

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