Pakistan PM: Floods caused Rs855 billion loss

ISLAMABAD, May 29 (PakTribune) – Prime Minister Syed Yousuf Raza Gilani on Saturday said Pakistan suffered a loss of Rs855 billion ($10 billion USD) to the economy due to the worst floods last year. “The worst affected sector was agriculture that suffered loss of around Rs429 billion, followed by housing (Rs135 billion), Transport and Communications (Rs113 billion) and financial sector (Rs57 billion),” the prime minister said in his opening remarks at the outset of National Economic Council that met here with his chair. The premier, welcoming the participants of the annual NEC meeting, (NEC) said, “Since start of our government in 2008, we have faced serious economic challenges as the worldwide economic recession also caused slow down of our economic activities. However, our government has been able to restore and maintain economic stability in the country,” he added. “At the onset of current fiscal year, we were looking forward to reap the benefits of economic stabilisation and to regain the momentum of economic growth to a higher level. We were unfortunately hit by the most devastating flood in the recorded human history. The flood spreading over 50,000 square kilometres affected around twenty million people in eighty two districts,” the prime minister said. He said the Damage and Need Assessment Report, prepared by the World Bank and Asian Development Bank, estimated an overall loss of around Rs855 billion to the economy due to worst flood last year,” he added. The prime minister said to provide immediate relief to the affected people, we had to modify our priorities. He said the federal government had to enforce a cut of Rs100 billion in its development budget. “The provincial governments also managed savings in their respective budgets to provide rescue, relief and rehabilitation work,” he added. …

Floods caused Rs855 bn loss: PM Gilani