The Ministry of Planning's Post-Disaster Needs Assessment (PDNA) report has estimated final damages and losses from the devastating floods to be around $30 billion, adding that the country will need at least $16 billion to rebuild and restore livelihoods.
Amidst warnings of increased poverty levels and a widening of the fiscal deficit, the report asked for international cooperation and support in raising the funds required ($16 billion) for rehabilitation and construction of climate-change proof infrastructure and institutions.
In light of the cost of rebuilding and recovery, Pakistan has also appealed to the International Monetary Fund (IMF) to relax the harsh terms of the agreement with the international money-lender given the difficult situation the country is in due to the floods.
The PDNA report was launched by Planning Minister Ahsan Iqbal and the Climate Change Minister Sherry Rehman, and was conducted jointly by the World Bank, Asian Development Bank (ADB), United Nations Development Programme (UNDP) and the European Union.
The most significant damage, according to the report, took place in the sectors of housing ($5.6 billion); agriculture, food and livestock ($3.7 billion); and transport and communications ($3.3 billion).
In terms of recovery costs, transport and communications has the highest recovery needs at $5 billion, and housing has the lowest, at $2.8 billion.
From a provincial standpoint, it was discovered that Sindh was the worst-hit province, incurring 70% of the total loss and damages, followed by Balochistan, Khyber Pakhtunkhwa and Punjab.
Amidst warnings of increased poverty levels and a widening of the fiscal deficit, the report asked for international cooperation and support in raising the funds required ($16 billion) for rehabilitation and construction of climate-change proof infrastructure and institutions.
In light of the cost of rebuilding and recovery, Pakistan has also appealed to the International Monetary Fund (IMF) to relax the harsh terms of the agreement with the international money-lender given the difficult situation the country is in due to the floods.
The PDNA report was launched by Planning Minister Ahsan Iqbal and the Climate Change Minister Sherry Rehman, and was conducted jointly by the World Bank, Asian Development Bank (ADB), United Nations Development Programme (UNDP) and the European Union.
The most significant damage, according to the report, took place in the sectors of housing ($5.6 billion); agriculture, food and livestock ($3.7 billion); and transport and communications ($3.3 billion).
In terms of recovery costs, transport and communications has the highest recovery needs at $5 billion, and housing has the lowest, at $2.8 billion.
From a provincial standpoint, it was discovered that Sindh was the worst-hit province, incurring 70% of the total loss and damages, followed by Balochistan, Khyber Pakhtunkhwa and Punjab.