Flood inflicts $10bn loss on Pakistan economy: Miftah Ismail

ISLAMABAD: The flash floods have inflicted a loss of at least $10 billion on different sectors of the country’s struggling economy, says Minister for Finance Miftah Ismail.

Talking to this reporter, Miftah said these were the initial assessments that might escalate after conducting surveys on the ground. Miftah said he did not have the details of the losses faced by each sector of the economy at the moment.

Asked whether the country had taken the donors into confidence on the initial assessment of damage, the minister replied in the negative. Top official sources said Islamabad would first seek financial assistance from the international community and then it might assess the damages separately or jointly with the donors to work out the exact figures, but first of all the government would focus on all-out relief efforts in order to rescue the victims.

In 2005 earthquake and 2010 floods, Pakistan and donors assessed the losses caused to different sectors of economy and then the donors helped Islamabad during the reconstruction phase after relief and rehabilitation.

Now the same strategy would be adopted. Initial assessments show that more than 1,000 people and millions of livestock have died in different parts of the country besides damage to an untold number of houses, hotels and roods in major flood-hit areas of Punjab, Sindh, Balochistan and KP.

Miftah says PTI has put country’s economy at risk for politicking; hits back at Fawad, Hammad; says IK’s lust for power knows no bounds News Desk adds: Federal Minister for Finance and Revenue Miftah Ismail on Sunday fired back at PTI leaders Chaudhry Fawad Hussain and Hammad Azhar, saying the Pakistan Tehreek-e-Insaf (PTI) has put the country’s economy at risk and PTI Chairman Imran Khan’s lust for power has no bounds.

The finance minister, firing back at PTI leader Chaudhry Fawad Hussain for his critical remarks, tweeted: “Chaudhry sb, you have endangered Pakistan’s economy just for the sake of politics. This is very saddening. You were not like this before but the PTI has left very bad impact on you.”

Earlier, PTI leader Chaudhry Fawad Hussain tweeted: “It is simple that we can’t chop off our hands and give them to the IMF. No one trusts your corrupt government. Therefore put all the conditions of IMF programme before the nation. After getting the loans, you will run away, while the nation will have to bear the brunt. Therefore, there should be full disclosure of the IMF programme.”

Hitting back at PTI leader Hammad Azhar, Miftah tweeted: “You know this is absolutely untrue. Fawad said on TV a day before that such letters would be coming. Your successor called KP’s & Punjab’s finance ministries for these letters. Punjab refused. KP complied. Then, PTI leaked it. Shame really. IK’s lust for power knows no bounds.”

Earlier, Hammad Azhar tweeted: “From Miftah leaking Jhagra’s letter just before IMF meeting to the entire PDM doing nothing but photoshoots on the flood catastrophe. These artificial rulers are not only incompetent but also disgraceful.”