PESHAWAR: Finance Minister Muhammad Aurangzeb said that Pakistan has enough resources to tackle the operations following catastrophic floods across the country.
During a Pakistan Business Summit in Peshawar, the finance minister said that by effectively prioritising and coordinating between the federal government and provinces, the funds could be repurposed to tackle the destruction caused by the recent floods that have severely impacted agricultural lands nationwide.
Aurangzeb ruled out the need for seeking help from the United Nations for flood relief, saying that Pakistan has ample resources available within its development budget of Rs4.3 trillion (around US$12–13 billion) for rescue and relief efforts.
The minister said Pakistan had made a significant improvement in remittances, which reached $38 billion last year and are projected to grow to $41-43 billion in the current fiscal year
He said that Pakistan successfully repaid $500 million in Eurobond obligations in September this year without market disruption and it is well-positioned to repay the $1.3 billion Eurobond in April 2026.
Earlier, the Ministry of Planning stated that this year floods have inflicted estimated Rs3,856 billion in damages, while the economy faces an additional Rs740 billion in potential losses.
The Prime Minister (PM) Shehbaz Sharif earlier called upon the international community to honour its commitment on climate finance.
He was speaking at the Special Climate Event convened by UN Secretary-General António Guterres along with the President of Brazil in New York.
The Prime Minister stressed that debt-driven finance cannot address the climate catastrophe confronting vulnerable nations like Pakistan.
Shehbaz Sharif reminded delegates that Pakistan is still reeling from the scars of the 2022 floods, which inflicted losses exceeding 30 billion dollars and displaced millions.
He also apprised the delegates about this year’s intense monsoon rains that have impacted more than five million people, destroyed four thousand one hundred villages and claimed over one thousand lives.
The Prime Minister pointed out that Pakistan has suffered the most from climate change despite its minimal contribution to global greenhouse.
