Foreign Minister Bilawal Bhutto-Zardari stated on Sunday that Pakistan needs financial assistance to deal with the “crushing” floods, and he hoped that financial organisations like the International Monetary Fund (IMF) would take the economic repercussions into consideration.
More than 30 million people have been affected by disastrous floods in both the north and south of the country as a result of unusually strong monsoon rains, which have also claimed more than 1,000 lives.
FM Bilawal remarked in an interview, “I haven’t seen destruction of this size, I find it very difficult to put into words… it is staggering.He stated, “Clearly, this will have an impact on the entire economic situation.”With soaring inflation, a declining currency, and a current account deficit, the South Asian country was already experiencing an economic catastrophe.
Pakistan entered a bailout programme in 2019 and this week, the IMF board will determine whether to disburse $1.2 billion as part of the seventh and eighth tranches.Given that a deal had already been struck between Pakistani authorities and IMF personnel, FM Bilawal stated that the board was likely to accept the release.
He also expressed his hope that the IMF will eventually acknowledge the damage of the floods.Going forward, he predicted that not only the IMF but also the global community and international organisations would fully comprehend the extent of the destruction.
