ISLAMABAD: Pakistan has approached the International Monetary Fund (IMF) for concessions in meeting the lender’s targets after devastating monsoon floods caused an estimated $1.31 billion (Rs370 billion) damage nationwide, National Food Security Minister Rana Tanveer Hussain said on Thursday, adding the global lender has been “flexible” with regard to the crop, livestock and infrastructure losses.
The floods, triggered by heavy monsoon rains and India’s release of excess water, have killed 1,006 people, affected another over 4 million and washed away 6,509 livestock since June 26, besides damaging standing crops, homes and road network.
An IMF mission is currently in Islamabad to conduct a second review of its $7 billion External Fund Facility (EFF) and the first review of the $1.4 billion Resilience and Sustainability Facility (RSF) for the country.
In a meeting with IMF Managing Director Kristalina Georgieva in New York last month, Prime Minister Shehbaz Sharif had urged the global lender to take into account the recent flood damages in its upcoming review for the South Asian nation.
“Yes, we presented them agriculture loss data. They have shown concern on this. They may give us some relief. We have spoken to them. They are now flexible,” Hussain told Arab News in an exclusive interview.
