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Mon. Oct 3rd, 2022
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ISLAMABAD : The losses from the catastrophic monsoon rains and floods in Pakistan, the war in Ukraine and other factors may force it to slash its GDP growth rate for the financial year 20222023 from 5% to 3%, media reported on Saturday.
Chairman of the National Flood Response and Coordination Centre, Major General Zafar Iqbal, during the joint briefing for PM Shehbaz Sharif and UN secretary-general Antonio Guterres, said at least one-third of Pakistan was inundated, while the overall damages would amount to over $30 billion. The state-run Associated Press of Pakistan news agency quoted Iqbal as saying that Pakistan expected a 2% cut in the Gross Domestic Product growth figure due to a combination of crises, chief among which were the floods, the delayedapproval of IMF funds, and the economic situation emerging in the wake of the Russia-Ukraine war.
Meanwhile, the National Disaster Management Authority (NDMA) reported that the death toll from the deadly floods had climbed to 1,396. Guterresis also expected to visit the floodhit areas in Sindh and Balochistan provinces to review the ongoing rescue and relief efforts and the damages caused by the calamity.

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