World Bank proposed $2 billion financing for flood ravaged Pakistan

World Bank proposed $2 billion financing for flood ravaged Pakistan

ISLAMABAD – The World Bank has proposed financing of $2 billion to push start the reconstruction and rehabilitation to rebuild or repair infrastructure 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 and reaffirmed his commitment to support the people Pakistani people as flood wreak havoc across the country.

The global lender also expressed remorse over the loss of lives and livelihoods, saying they are working with the federal and provincial governments to provide immediate relief.

World Bank official further mentioned that they are repurposing funds from existing World Bank-financed projects to support urgent needs in health, food, shelter, rehabilitation, and cash transfers.

The development comes as Prime Minister Shehbaz Sharif sought a moratorium on debt repayment from the Paris Club and others, saying there is a yawning gap between what is being asked for and what is available.

He also requested United Nations Chief and European leaders to provide relief.