The World Bank repurposes $2 billion for flood-affected communities in Pakistan.
To provide urgent help to flood victims, the World Bank has announced the repurposing of $2 billion earmarked for multi-sectoral projects in Pakistan for flood-affected areas in the country.
Martin Raiser, the World Bank’s new vice president for the South Asia region, completed his first visit to Pakistan and reaffirmed the Bank’s commitment to assisting the people of Pakistan in the aftermath of catastrophic flooding.
“We are very grieved by the loss of lives and livelihoods as a result of the tragic floods,” he said, adding that “we are working with the federal and provincial governments to provide immediate support to those who are most affected.”
Raiser met with Ayaz Sadiq, Minister of Economic Affairs Division, Miftah Ismail, Minister of Finance and Revenue, Aisha Ghaus Pasha, Minister of State for Finance and Revenue, Ahsan Iqbal, Minister of Planning and Development and Special Initiatives, and Khurram Dastagir, Minister of Energy, over the course of his two-day visit. He also met with Jameel Ahmed,
Governor of the State Bank of Pakistan, Lieutenant General Akhtar Nawaz, Chairman of the National Disaster Management Authority, and members of think tanks and the corporate sector.Raiser detailed the impact of the floods in Pakistan and the World Bank’s assistance during the discussions, according to The News.
“In the short term, we are repurposing funding from current World Bank-financed programmes to meet urgent needs in health, food, shelter, rehabilitation, and cash transfers.” In addition, we are collaborating with federal and provincial authorities to plan emergency operations to begin reconstruction and rehabilitation as soon as possible in order to rebuild or repair infrastructure, housing, and livelihoods, and to help strengthen Pakistan’s resilience to climate-related risks. “We anticipate funding in the amount of $2 billion,” he stated.
Raiser emphasised that Pakistan was one of the top ten countries most affected by climate change. He also urged the administration to keep focusing on the successful execution of continuing investments in sectors like as girls’ and boys’ education, health, stunting reduction, social protection, and energy transition.
Building climate resilience will lay the groundwork for a long-term recovery from this year’s flood calamity.Raiser met with Sindh Chief Minister Murad Ali Shah as well. They reviewed the impact of recent floods and how the World Bank is assisting the Sindh government with restoration and rehabilitation efforts. During his visit to Sindh, he was able to see firsthand the extent of the damage and meet impacted families in a relief centre in Dadu district.
Raiser was accompanied in his meetings by Najy Benhassine, the World Bank’s Country Director for Pakistan, and Zeeshan Ahmed Sheikh, the International Finance Corporation’s Country Manager.
