MONDAY, April 29, 2024
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Initial economic losses from Pakistan floods at least $10 billion - minister

Initial economic losses from Pakistan floods at least $10 billion - minister

The initial economic losses from floods in Pakistan could reach at least $10 billion, Planning Minister Ahsan Iqbal told Reuters in an interview on Monday.

Unprecedented and historic flash floods caused by abnormal monsoon rains have washed away roads, crops, infrastructure and bridges, killing at least 1,000 people in recent weeks and affecting more than 33 million.

"I think it is going to be huge. So far, (a) very early, the preliminary estimate is that it is big, it is higher than $10 billion. Vey early estimate, very early estimate," Iqbal said.

The minister said it might take five years to rebuild and rehabilitate the South Asian nation of 200 million people, which will be facing an acute challenge of food shortage.

He said 45% of cotton crops had been washed away in addition to huge damage to vegetables and fruit and rice fields.

"So far we have lost 1,000 human lives. There is damage to almost nearly one million houses," Iqbal said at his office.

Pakistan has already sought international help to deal with the overwhelming floods, and some countries have already sent in supplies and rescue teams.

As waters receded, people affected by devastating monsoon floods in Pakistan said they had tried as best they could to save people, livestock and property as they reckoned with the effects of a disaster which has left more than 1,000 dead.

Tens of thousands of people fled their homes in northern Pakistan on Saturday after a fast-rising river destroyed a major bridge, as deadly floods cause devastation across the country.

Powerful flash floods in the northern province of Khyber Pakhtunkhwa caused the Kabul River to swell, sweeping away a large bridge overnight, and cutting off some districts from road access.

Downstream, fears of flooding around the river banks prompted around 180,000 people in the district of Charsadda to flee their homes, according to disaster officials, with some spending the night on highways with their livestock.

“When I saw water coming, I saved women and children. When I returned here there was a lot of water, then I saved cattle. After that, there was no chance to return here because there was a lot of water here,” Charsadda resident Amir Khan said.

 

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