Pakistan to receive flood recovery funds from next month

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Pakistan will start receiving from next month funds pledged by international donors to help the country recover from ruinous floods, a top official of the planning ministry said on Friday.

Officials from some 40 countries as well as private donors and international financial institutions committed over $9 billion for Pakistan’s flood recovery program at a meeting in Geneva earlier this week, as Islamabad sought funds to cover around half of a recovery bill amounting to $16.3 billion.

Speaking to reporters on Friday, Federal Secretary for Ministry of Planning, Development and Special Initiatives Syed Zafar Ali Shah said that the funds would start flowing in from next month.

He said that funds would be received from the World Bank, Asian Development Bank, and other lenders through bilateral agreements. He said that a unit was being created at the planning ministry to oversee the multilateral and bilateral agreements.