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.
Displaced people walk on flooded highway, following rains and floods during the monsoon season in Sehwan, Pakistan, September 16, 2022.
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.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'sRegister now for FREE unlimited access to Reuters.comReporting by Anirudh Saligrama in Bengaluru; Editing by Kim Coghill and Christian Schmollinger
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