International community pledges $10 billion for Pakistan in Geneva conference

Pakistan will receive $10 billion aid from from multilateral and bilateral donors in next three years

Pakistan has been able to receive pledges of $10 billion through the Pakistan resilience conference in Geneva. The multilateral and bilateral donors on Monday pledged over $10 billion in aid to Pakistan in order to support the country's flood relief efforts at the International Conference on Climate Resilient Infrastructure in Geneva. Prime Minister Shehbaz Sharif co-hosted the conference along with United Nations Secretary General Antonio Guterres.

The pledges came after Prime Minister Shehbaz Sharif launched an $8 billion flood aid appeal at the international conference aimed at helping the country overcome the devastation caused due to the catastrophic floods.

The country, with a $350 billion economy, secured commitments worth $8.57 billion by the end of the plenary session I, while it managed to secure over $2 billion in the second session.

Pakistan faces financial distress after the deadly floods wreaked havoc on the country, which killed at least 1,700 and caused damages worth over $16 billion — half of which Islamabad is financing through its own resources.

World Bank and Islamic Development Bank (IsDB) pledged over $6 billion to Pakistan to aid its climate rebuilding effort in response to the country's $8 billion flood appeal.

The IsDB has pledged $4.2 billion over the next three years to Pakistan and World Bank $2 billion, while the Asian Infrastructure Investment Bank, Saudi Arabia, China, the United States and other nations have also announced support.

Pakistan is in dire want of $8 billion from world donors during the next three years to shore up the country's economy which was mostly laid to waste by extreme floods from June to October 2022, PM Shehbaz told the moot's participants.

“We are racing against time,” he said, stressing that relief work needed to continue as some areas of Sindh needed drainage of water, while the education of millions of children remains affected.

Officials from some 40 countries as well as private donors and international financial institutions have gathered in Geneva as Islamabad seeks support in what is expected to be a major test case for who pays for climate disasters.

Breakdown of pledges received at plenary session I: 

Islamic Development Bank — $4.2 billion

World Bank — $2 billion

Asian Development Bank — $1.5 billion

European Union — €500 million

France — $345 million

China — $100 million

USAID — $100 million

Germany — €88 million

Japan — $77 million

Breakdown of pledges received at plenary session II:

Saudi Arabia — $1 billion

Asian Infrastructure Investment Bank — $1 billion

UK — £9 million


No comments

Note: Only a member of this blog may post a comment.

Powered by Blogger.