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Pakistan flood damage estimated at $9.7 billion

Updated On: Oct 15, 2010

The floods that swept Pakistan since July caused about 9.7 billion dollars in damage, the World Bank and Asian Development Bank said Thursday.

In carrying out the assessment, teams from the two banks examined the extent of the damage in 15 key sectors across Pakistan, looking at direct direct damage, indirect losses and reconstruction costs.Agriculture and livestock were particularly hard hit, while the flooding also destroyed a large number of houses and damaged roads and irrigation facilities.One-fifth of the country was affected by the floods, with the populous southern Sindh province the worst affected, it added.

The $9.7 billion estimation is more than twice the cost of 2005's 7.6-magnitude earthquake that killed an estimated 86,000 people in northern Pakistan, the World Bank said.

However, one day before the report came out, U.S. Secretary of State
Hillary Clinton suggested European Union leaders should follow the U.S.
and withhold further flood-relief funding from Pakistan until Islamabad
shows it is doing more to fight corruption and collect tax revenue from
its wealthiest citizens.

Aid groups said they agreed with the U.S. stance in principle but insisted there should be no conditions. They also remain critical of the West for not forgiving some of
Pakistan's $55 billion international debt, which is costing Pakistan
$2.9 billion in interest this year.

Pakistan has received $1.5 billion in relief so far. Among international donors, the EU has contributed around $500 million while the U.S. has given roughly $400 million.

 

Sources:

Pakistan flood damage estimated at $9.7 billion [CNN, 14 October 2010]

Clinton Suggests Conditions on Pakistan Flood Relief [The Wall Street Journal, 15 October 2010]

Pakistan flood damage 9.7 billion dollars: World Bank, ADB [AFP, 15 October 2010]







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