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Home Top News Geneva flood pledges: Pakistan receives only $1.48bn of $10.9bn

Geneva flood pledges: Pakistan receives only $1.48bn of $10.9bn

Govt receives roughly $700m in oil and commodity financing.

by NWMNewsDesk
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Pakistan has, to date, received only $1.48 billion in funding from both multilateral and bilateral creditors as part of the Geneva pledges totaling $10.9 billion designated for the reconstruction of areas affected by devastating floods last year.

The progress of project financing, however, has been alarmingly slow, with just $780 million disbursed as of September 2023. Pakistan endured severe flooding in the previous fiscal year, resulting in extensive human and financial hardships, but there was hope for rehabilitation, as donors committed $10.9 billion in the form of loans to support the reconstruction endeavors.

Islamabad, too, has successfully obtained approximately $700 million in oil and commodity financing. Nevertheless, it is an undeniable fact that the distribution of project loans has remained frustratingly sluggish, necessitating swift action from all federal and provincial agencies responsible for pulling off flood-related projects in their respective regions. Therefore, accelerating these efforts is imperative.

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