Pakistan incurs huge losses due to flooding

Pakistan incurs huge losses due to flooding
31 August 2022

The Pakistan government has initially estimated a loss of at least US$10bn caused by weeks of torrential rains and subsequent floods, which destroyed many houses and infrastructures across the country. A research house estimated a major requirement of cement, steel and other construction material to rehabilitate masses affected due to flooding.

Speaking to the media, Finance Minister, Miftah Ismail, shared the damages estimate, saying the economic impact of floods would be at least US$10bn, roughly three per cent of the country's GDP.

The international donors on the humanitarian ground have pledged to provide US$500m in aid from the World Bank, Asian Development Bank, international financial institutions, development partners and donors alongside officials of China, the USA and the European Union to partly finance the rehabilitation of people, reconstruction of properties and road and highways, damaged due to floods in Sindh, Balochistan, southern Punjab and some parts of the northern area in last fortnight.

AHL Research claims these are the worst floods since 2010, with rainfall crossing 390mm this season, which is three times higher than the national 30-year average of 135mm in July/Aug.

According to a situation report of the National Disaster Management Authority (NDMA), over 3451km of roads, 149 bridges, 170 shops and 949,858 houses were damaged across the country.

According to AHL Research, short-term demand hit the cement, steel, automobile, oil marketing companies and fertiliser companies. However, most of these sectors would benefit from rehabilitation.

Published under Cement News