PAKISTAN LAUNCHES $8BN FLOOD AID APPEAL AT GENEVA DONORS’ MOOT

Pakistan launches $8bn flood aid appeal at Geneva donors’ moot. Pakistan is in dire want of $8 billion from world donors during the next three years to shore up the country’s economy that was mostly laid to waste by extreme floods from June to October 2022, Prime Minister Shehbaz Sharif said in Geneva on Monday.

Officials from some 40 countries as well as private donors and international financial institutions have gathered in Geneva as Islamabad seeks support in what is expected to be a major test case for who pays for climate disasters.

Last year’s floods, which are still receding, killed at least 1,700 people and displaced around 8 million.

Addressing the event, United Nations Secretary-General Antonio Guterres also appealed to the world to help Pakistan deal with the disaster caused by cataclysmic floods, saying “massive investments” are needed for the country’s rehabilitation which is expected to cost more than $16 billion.

“We must match the heroic response of the people of Pakistan with our own efforts and massive investments to strengthen their communities for the future,” Guterres said in opening remarks.

“Pakistan is doubly victimised by climate chaos and a morally bankrupt global financial system,” he added, calling for creative ways for developing countries to access debt relief and financing.

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