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Pakistan devastated in floods, estimated loss of $ 20 billion, 12 million will become poor

Islamabad: A new information has revealed that the economic loss due to flash floods in Pakistan could be between $ 15 billion and $ 20 billion. This is because the government fears that 12 million more people will go into poverty, underscoring the need for immediate and major global financial aid. The economic loss of the impact of the floods on Pakistan’s economy far exceeds initial estimates of $10 billion to $12 billion, being compiled by the finance ministry, the Express Tribune reported.

According to preliminary reports, the economic loss has been estimated at between $15 billion and $20 billion, indicating that the country has suffered heavy losses due to submerged floods of large populations. The Express Tribune reported $12 billion in direct damage to the economy, $6 billion in damage to housing infrastructure and $4 billion in damages from livestock losses.

Floods could increase trade deficit by up to $4 billion
Most of the economic loss estimates are based on data as of September 5 provided by the National Disaster Management Authority, but the numbers are still subject to revision. “We have updated our earlier estimates of economic losses from $15 billion to $20 billion in light of the new information,” said Ayesha Pasha, Minister of State for Finance, who led the exercise. The report also showed that the flood could widen the trade deficit to $4 billion and the additional impact on the current account deficit is also estimated to be between $4 billion and $5 billion.

Pakistan is a victim of global warming, although its contribution is less than 1 percent. The report further states that 90 lakh to 1.2 crore more people will fall below the poverty line and 10 lakh to 20 lakh people have lost their jobs. As reported by The Express Tribune, it states that 77.7 percent of informal labor in rural areas is women, with six out of 10 young women concentrated in the agriculture sector.

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