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Federal Minister for Planning and Development Ahsan Iqbal announced that the recent floods in Pakistan have caused an estimated Rs822 billion ($2.9 billion) in damages, severely impacting the agricultural and infrastructure sectors.
Speaking at a press conference to launch the government’s Monthly Development Update and Flood Damage Assessment Report, Iqbal said the initial report has been submitted to Prime Minister Shahbaz Sharif. According to the assessment, around 229,000 homes were damaged nationwide, including 213,000 in Punjab and 6,370 in Balochistan.
The minister noted that despite the massive flood damage in Pakistan, the country’s economy has shown signs of resilience. Inflation has eased significantly, dropping from 9.2% to 4.2% in the first quarter of the fiscal year, while prices of essential goods have started stabilizing. Tax revenues have also improved, rising 12.5% year-on-year to Rs2884 billion in the first three months.
Iqbal emphasized that the government plans to use domestic resources for post-flood recovery instead of relying on foreign aid. He recalled that following the 2022 floods, Pakistan received only $600 million in external assistance against $30 billion in total losses, with most additional funds coming as loans or old debt.
Final estimates for the recent flood damage in Pakistan are expected within two to three weeks. The evaluation is being conducted in partnership with international development agencies. Meanwhile, the Punjab government has prepared a major relief package to support families affected by the disaster.
