Pakistan flood damage at $9.5 billion
October 14, 2010 - 0:0
KARACHI (Reuters) – Pakistan's recent floods inflicted $9.5 billion in damage to property, crops and infrastructure, according to an Asian Development Bank and World Bank assessment, Finance Ministry officials said on Wednesday.
Aside from trying to cope with that direct damage, the government may face total recovery costs of $30 billion, Finance Ministry officials said, although they had not seen the report.If that figure of total costs proves correct, it will likely disappoint the government, which had estimated damage at $43 billion. The lower estimate will probably mean less aid.
Pakistan may not be able to manage billions of dollars of financial support needed for reconstruction, a reality that worries the United States, which wants stability in an ally seen as vital in its war on militancy.
The floods, which began in late July, left more than 10 million people homeless and affected 20 million, and devastated an economy that was already fragile before one of the country's worst natural disasters.