WB,IDB pledge over 8bn doller for Pakistan’s climate rebuilding efforts

GENEVA _ Prime Minister Shehbaz Sharif says Pakistan will need $16.3 billion for the rehabilitation of the people in the flood-affected areas and a framework has been prepared for the purpose.

Addressing the International Conference on Climate Resilient Pakistan in Geneva, he said floods left the major infrastucture in tatters.

The opening session of the event is being hosted by Pakistan and the United Nations. The objective of the event being attended by heads of states and governments and other stakeholders is to gain international support to rehabilitate the population affected by floods and reconstruct damaged infrastructure in a climate-resilient manner.

PM Shehbaz Sharif said the world was standing at a “turning point of history” and “it’s not only a question of how to survive but its a question [of] how to maintain our bodies. It’s a question of how to maintain our dignity and honour by moving forward with a sense of purpose and a sense of achievement.” He said Pakistan witnessed a “monsoon on steroids this year” that affected 30 million people, displaced more than eight million people and washed away roads spread over 8,000 kilometres.

“One can go on and on but to truly say, we are racing against time. We are thankful for the support extended to us by the Asian Development Bank, the UN, the International Monetary Fund and several other international organisations.” Apart from the aid Pakistan received for flood rehabilitation, he said, the state “responded courageously” to the disaster. “They saved thousands of lives and quickly restored disrupted communications […] resilience funds were repurposed to provide cash grants of more than $400m to more than 2.7 million households.

The premier said his government had prepared a comprehensive plan for recovery, rehabilitation, reconstruction and resilience – the 4RF plan. “The first part of the plan reflects the recovery and reconstruction, bearing in mind that the minimum funding required is $16.3 billion, half of which will be met with domestic resources, half from foreign resources.” He explained that the second part of the plan incorporated flood-resilient design and infrastructure, such as protecting highways and early warning systems, on which $8b would be required over the span of three years.

“This conference today is not just about helping to rebuild lives, but in fact, it is about the solidarity and vision needed to ensure a future not just on paper but in schools and homes.” Today, PM Shehbaz stressed, “I am asking for your support for those who have lost their life savings, homes, and livelihoods and are facing the harsh winter under open skies”.

Erlier-Multilateral and bilateral donors Monday pledged more than $8 billion in aid to flood-hit Pakistan as it seeks funding to rehabilitate the affected 33 million population and cover damages worth billions.

The pledges came after Prime Minister Shehbaz Sharif launched an $8 billion flood aid appeal at the International Conference on Climate Resilient Pakistan in Geneva, aimed at helping the country overcome the devastation caused due to the cataclysmic floods.

World Bank and Islamic Development Bank (IsDB) pledged over $6 billion to Pakistan to aid its climate rebuilding effort in response to the country’s $8 billion flood appeal.

The IsDB has pledged $4.2 billion over the next three years to Pakistan and World Bank $2 billion, while the United States, China and other nations have also announced support.

Pakistan is in dire want of $8 billion from world donors during the next three years to shore up the country’s economy that was mostly laid to waste by extreme floods from June to October 2022, PM Shehbaz said in Geneva.