ISLAMABAD: The International Monetary Fund (IMF) admits that that the aid provided to Pakistan after the devastating floods of the previous year was insufficient to effectively address the challenges posed by the climate crisis.
A recent report from the IMF highlights that Pakistan is facing significant economic losses due to climate change.
The floods resulted in a massive loss of 30 billion dollars. Although the Geneva Donors Conference promised 10.9 billion dollars in aid, Pakistan has received only a fraction of the assistance it requires, leading to social unrest, political tension, and a decline in living standards.
The country is now focusing on reconstruction and recovery, with planned projects worth 4 to 5 billion dollars awaiting funding. The estimated total reconstruction costs are around 16.8 billion dollars, with priority given to crucial sectors like housing, agriculture, and transport.
To respond to the crisis, Pakistan has committed to developing a National Adaptation Plan by the end of 2024, acknowledging its position as one of the top ten countries most affected by climate change.
