Skip to main content

Pakistan Seeks Billions In New Loans After Floods: Report

By
Pakistan Seeks Billions In New Loans After Floods: Report

Pakistan PM Shehbaz Sharif said the country needs money to rebuild damaged infrastructure (File)

Pakistan will ask international lenders for billions of dollars in loans after devastating floods exacerbated the South Asian nation's economic crisis, the Financial Times reported on Wednesday.

"We are not asking for any kind of measure [such as] a rescheduling or a moratorium," the country's Prime Minister Shehbaz Sharif told the Financial Times. "We are asking for additional funds."

The country needs "huge sums of money" for "mega undertakings" such as rebuilding roads, bridges and other infrastructure damaged or washed away, the FT quoted Sharif as saying.

Sharif did not specify the amount Pakistan is seeking, but repeated an estimate of $30 billion of flood losses, the report said.

Earlier this month, the United Nations raised its humanitarian aid appeal for Pakistan five-fold to $816 million from $160 million, as a surge in water-borne diseases and fear of growing hunger pose new dangers after the unprecedented floods.

The European Union also scaled up its flood assistance to 30 million euros ($29.57 million).

A decline in Pakistan's currency is also pushing up the cost of imports, borrowing and debt servicing, and will further exacerbate inflation already running at a multi-decade high of 27.3%.

The estimated $30 billion in damage to the economy from the floods along with rising concerns about Islamabad's ability to raise money to meet external financing requirements has worsened the situation.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Adblock test (Why?)



from NDTV News- Special https://ift.tt/gfbaFEG https://ift.tt/aAgZiOo
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Salaries Of 12700 Punjab Teachers Tripled After Regularisation

By
Punjab government has tripled the salaries of 12,700 teachers, who were regularised recently. Chandigarh: Punjab Chief Minister Bhagwant Mann on Tuesday said the salaries of 12,700 teachers, who were regularised recently, have been increased by up to three times. In a statement here, Mr Mann said these teachers will be known as associate teachers and special inclusive teachers, adding that they will be governed by a 'Policy for Welfare of Adhoc, Contractual, Temporary Teachers (Nation Builders) and other employees in the School Education Department'. Based on their educational qualifications and primary conditions for entry into services, their emoluments have been fixed up to the completion of 58 years in service. Mr Mann said these teachers will be entitled to an increment of 5 per cent on their salaries every year. The chief minister said BA pass education providers (associate teachers) who were hitherto getting Rs 9,500 per month will now get Rs 20,500 as an emolum...
Post a Comment
Read more

California Homeless People Found Living In Deep Caves Stocked With Drugs

By
Homeless people were found living in riverside caves. In a clear example of California's homelessness crisis, authorities found caves along the Tuolumne River where people had been living. These 20-foot-deep underground dwellings, reached by makeshift stairs, were filled with makeshift furniture and personal belongings, revealing the desperate measures some take for shelter. Located near Modesto, the caves were cleared over the weekend by police and volunteers from local homeless outreach organizations. Authorities expressed concern about safety risks from unstable structures and potential flooding from the nearby river. "This particular area has been plagued by vagrancy and illegal camps, which have raised concerns due to the fact that these camps were actually caves dug into the riverbanks," the Modesto Police Department said in a statement. "During the operation on Saturday, a total of 7,600 lbs of trash, as well as two truckloads and a trailer of garbage, w...
Post a Comment
Read more

Republic Day Updates: Macron Chief Guest As Delhi Hosts Parade Amid Dense Fog

By
Adblock test (Why?) from NDTV News- Special https://ift.tt/yqj8XDV https://ift.tt/zHpGab4 via IFTTT
Post a Comment
Read more