Pakistan’s finance minister sees gradual recovery from floods

Washington – Pakistan’s new finance minister estimated that the South Asian country could take “nearly three years” to recover from devastating floods that have killed more than 1,700 people and displaced a further 7.9 million.

Ishaq Dar, who last month took up the fourth finance post of his career, told The Associated Press on Friday that losses from the floods are estimated at more than $32 billion and costs to rebuild damaged infrastructure. said to exceed $16 billion.

Monsoon rains, likely exacerbated by climate change, hit Pakistan for months starting in mid-June, damaging or washing away two million homes.

Dahl admitted he was “not an engineer” but said the rebuild would “not happen overnight” and would take “probably close to three years.” The World Bank pledged $2 billion in flood aid last month.

Dahl is back in the Ministry of Finance at a difficult time for Pakistan. Moody’s Investors Service downgraded the country’s sovereign debt this month, citing the country’s declining foreign exchange reserves. Pakistan’s currency, the rupee, has fallen 19% against the US dollar this year as inflation has exceeded 20% year-on-year.

But Dahl, who earned a reputation for supporting a strong rupee during his previous tenure as finance minister, said the currency had rebounded when he returned to work. It has risen almost 10% against the dollar since late September.

Dar was in Washington this week for the fall meetings of the International Monetary Fund and the World Bank.

The visit got off to a rocky start.

He was heckled by an unidentified individual and called a “thief” upon arrival at Dulles International Airport on Thursday.

On Friday, he dismissed the incident, which was captured on video and shared online, as an act of political opponents of Prime Minister Shabazz Sharif’s government. I was. “That should not be”

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https://www.ksat.com/news/politics/2022/10/15/pakistani-finance-minister-sees-gradual-recovery-from-floods/ Pakistan’s finance minister sees gradual recovery from floods

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