ISLAMABAD – A top government official has revealed the nearly $10 billion pledges made by the international community at a donors’ conference at the Geneva moot for rehabilitation of flood-hit Pakistani people last week are, in fact, loans to be rolled out within three years.
Planning Ministry Secretary Syed Zafar Ali Shah said most of them are project loans, which will be provided at one percent interest rate, adding that the South Asian country will have to return the debt within 40 years.
He said Pakistan would receive $3 billion in the running fiscal year, adding that the World Bank, Asian Development Bank and Asian Infrastructure and Investment Bank would start providing funding from next month.
Shah said the government would spend $8 billion for the rehabilitation of the flood-hit areas of the country, adding that $1.5 billion had already been spent.
Earlier this week, Prime Minister Shehbaz Sharif, in a press conference after the Geneva moot, said the international community committed to give Pakistan a huge sum of over $9 billion in flood aid.
Terming the conference “highly successful,” the premier: “Pledges worth $9.7 billion were announced for the flood victims at the moot.
“Islamic Development Bank promised $4.2 billion, World Bank $2 billion, Saudi Arab $1 billion, Asian Infrastructure Development Bank $1 billion, Asian Development Bank $500 million, USAID $100 million, China $100 million, Italy €23 million, Japan $77 million, Qatar $25 million, UK £36 million, and France $10 million,” he explained.
PM Shehbaz said the successful moot showed the world’s trust in Pakistan, adding that the every penny of the funds will be spent transparently on the flood victims.
Geneva moot – Islamic Development Bank to mobilise 4.2b for climate change-hit Pakistan
