ISLAMABAD – The World Bank has proposed financing of $2 billion to pushstart the reconstruction and rehabilitation to rebuild or repairinfrastructure after unprecedented floods.
World Bank’s new Vice President for the South Asia Region, Martin Raiser,revealed who concluded his first official visit to the flood-hit nation andreaffirmed his commitment to support the people Pakistani people as floodwreak havoc across the country.
The global lender also expressed remorse over the loss of lives andlivelihoods, saying they are working with the federal and provincialgovernments to provide immediate relief.
World Bank official further mentioned that they are repurposing funds fromexisting World Bank-financed projects to support urgent needs in health,food, shelter, rehabilitation, and cash transfers.
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The development comes as Prime Minister Shehbaz Sharif sought a moratoriumon debt repayment from the Paris Club and others, saying there is a yawninggap between what is being asked for and what is available.
He also requested United Nations Chief and European leaders to providerelief.
