Already reeling from an economic crisis, floodwaters have submerged more than a third of the country, killing more than 1,000 and affecting 33 million people. Bilawal Bhutto Zardari, the country’s foreign minister, told CNBC’s Dan Murphy on Thursday that he feared damages from the natural disaster would exceed current estimates of $10 billion, adding that the country’s crisis was still in a “rescue phase and relief. ” The flooding, which Bhutto Zardari told CNBC was “a climate disaster of biblical proportions,” covered more than 95,000 square miles of land. Bhutto Zardari said the crisis was far from over as “the southern areas of Pakistan are still preparing for the floods that will come through the rivers from the north”. “Pakistan is currently paying with its life and livelihood for a climate disaster that is not of its making,” he said. Pakistan’s contribution to global carbon emissions is less than 1%, but it is among the 10 countries most affected by climate change. The South Asian nation of more than 220 million people reported an inflation rate of 27 percent for August, according to government data, and has been hit hard by the Covid-19 pandemic. Its currency has fallen, while net foreign exchange reserves have fallen to just $8 billion in August, according to the State Bank of Pakistan. Rural areas in Pakistan have been hit hardest by the floods. Anadolu Agency | Anadolu Agency | Getty Images Political strife has gripped the country since April, following the ouster of former prime minister Imran Khan, who has been charged under anti-terrorism laws by Pakistani police.
Implications for food inflation
Rural areas in Pakistan have been hardest hit by the floods, which will have a compounding impact on Pakistan’s agricultural industry and ultimately on food costs. Bhutto Zardari told CNBC that “about 80 to 90 percent” of Pakistan’s crops have been damaged by the floods. The International Rescue Committee reports that 4 million hectares of crops have been destroyed and 800,000 animals are missing. Before the disaster, food inflation in rural provinces was much higher compared to urban areas. For example, the cost of onions in urban areas of Pakistan increased by 89% from July 2021 to July 2022. In rural areas, the cost increase exceeded 100%. The International Monetary Fund on Monday approved the release of $1.1 billion to Pakistan in special drawing rights, part of a bailout program launched in 2019. The money was already part of a relief program to help Pakistan stabilize its economy. Pakistan has now launched a joint appeal with the United Nations for about $160 million, which Bhutto Zardari told CNBC “is obviously a very conservative estimate of the minimum requirements at this time.” More than a million homes have been destroyed and Bhutto Zardari added that key infrastructure such as bridges, road networks and dams have been damaged. Pakistan in the future, he says, will need “large-scale reconstruction, which will require a lot of work.” Residential areas were flooded after heavy monsoon rains in Dera Allah Yar town of Jaffarabad district, Balochistan province. Fida Hussain | Afp | Getty Images
title: “Pakistan Warns That Flood Damage Will Exceed 10 Billion Klmat” ShowToc: true date: “2022-11-18” author: “Renee Sorensen”
Already reeling from an economic crisis, floodwaters have submerged more than a third of the country, killing more than 1,000 and affecting 33 million people. Bilawal Bhutto Zardari, the country’s foreign minister, told CNBC’s Dan Murphy on Thursday that he feared damages from the natural disaster would exceed current estimates of $10 billion, adding that the country’s crisis was still in a “rescue phase and relief. ” The flooding, which Bhutto Zardari told CNBC was “a climate disaster of biblical proportions,” covered more than 95,000 square miles of land. Bhutto Zardari said the crisis was far from over as “the southern areas of Pakistan are still preparing for the floods that will come through the rivers from the north”. “Pakistan is currently paying with its life and livelihood for a climate disaster that is not of its making,” he said. Pakistan’s contribution to global carbon emissions is less than 1%, but it is among the 10 countries most affected by climate change. The South Asian nation of more than 220 million people reported an inflation rate of 27 percent for August, according to government data, and has been hit hard by the Covid-19 pandemic. Its currency has fallen, while net foreign exchange reserves have fallen to just $8 billion in August, according to the State Bank of Pakistan. Rural areas in Pakistan have been hit hardest by the floods. Anadolu Agency | Anadolu Agency | Getty Images Political strife has gripped the country since April, following the ouster of former prime minister Imran Khan, who has been charged under anti-terrorism laws by Pakistani police.
Implications for food inflation
Rural areas in Pakistan have been hardest hit by the floods, which will have a compounding impact on Pakistan’s agricultural industry and ultimately on food costs. Bhutto Zardari told CNBC that “about 80 to 90 percent” of Pakistan’s crops have been damaged by the floods. The International Rescue Committee reports that 4 million hectares of crops have been destroyed and 800,000 animals are missing. Before the disaster, food inflation in rural provinces was much higher compared to urban areas. For example, the cost of onions in urban areas of Pakistan increased by 89% from July 2021 to July 2022. In rural areas, the cost increase exceeded 100%. The International Monetary Fund on Monday approved the release of $1.1 billion to Pakistan in special drawing rights, part of a bailout program launched in 2019. The money was already part of a relief program to help Pakistan stabilize its economy. Pakistan has now launched a joint appeal with the United Nations for about $160 million, which Bhutto Zardari told CNBC “is obviously a very conservative estimate of the minimum requirements at this time.” More than a million homes have been destroyed and Bhutto Zardari added that key infrastructure such as bridges, road networks and dams have been damaged. Pakistan in the future, he says, will need “large-scale reconstruction, which will require a lot of work.” Residential areas were flooded after heavy monsoon rains in Dera Allah Yar town of Jaffarabad district, Balochistan province. Fida Hussain | Afp | Getty Images
title: “Pakistan Warns That Flood Damage Will Exceed 10 Billion Klmat” ShowToc: true date: “2022-12-01” author: “Edward Adams”
Already reeling from an economic crisis, floodwaters have submerged more than a third of the country, killing more than 1,000 and affecting 33 million people. Bilawal Bhutto Zardari, the country’s foreign minister, told CNBC’s Dan Murphy on Thursday that he feared damages from the natural disaster would exceed current estimates of $10 billion, adding that the country’s crisis was still in a “rescue phase and relief. ” The flooding, which Bhutto Zardari told CNBC was “a climate disaster of biblical proportions,” covered more than 95,000 square miles of land. Bhutto Zardari said the crisis was far from over as “the southern areas of Pakistan are still preparing for the floods that will come through the rivers from the north”. “Pakistan is currently paying with its life and livelihood for a climate disaster that is not of its making,” he said. Pakistan’s contribution to global carbon emissions is less than 1%, but it is among the 10 countries most affected by climate change. The South Asian nation of more than 220 million people reported an inflation rate of 27 percent for August, according to government data, and has been hit hard by the Covid-19 pandemic. Its currency has fallen, while net foreign exchange reserves have fallen to just $8 billion in August, according to the State Bank of Pakistan. Rural areas in Pakistan have been hit hardest by the floods. Anadolu Agency | Anadolu Agency | Getty Images Political strife has gripped the country since April, following the ouster of former prime minister Imran Khan, who has been charged under anti-terrorism laws by Pakistani police.
Implications for food inflation
Rural areas in Pakistan have been hardest hit by the floods, which will have a compounding impact on Pakistan’s agricultural industry and ultimately on food costs. Bhutto Zardari told CNBC that “about 80 to 90 percent” of Pakistan’s crops have been damaged by the floods. The International Rescue Committee reports that 4 million hectares of crops have been destroyed and 800,000 animals are missing. Before the disaster, food inflation in rural provinces was much higher compared to urban areas. For example, the cost of onions in urban areas of Pakistan increased by 89% from July 2021 to July 2022. In rural areas, the cost increase exceeded 100%. The International Monetary Fund on Monday approved the release of $1.1 billion to Pakistan in special drawing rights, part of a bailout program launched in 2019. The money was already part of a relief program to help Pakistan stabilize its economy. Pakistan has now launched a joint appeal with the United Nations for about $160 million, which Bhutto Zardari told CNBC “is obviously a very conservative estimate of the minimum requirements at this time.” More than a million homes have been destroyed and Bhutto Zardari added that key infrastructure such as bridges, road networks and dams have been damaged. Pakistan in the future, he says, will need “large-scale reconstruction, which will require a lot of work.” Residential areas were flooded after heavy monsoon rains in Dera Allah Yar town of Jaffarabad district, Balochistan province. Fida Hussain | Afp | Getty Images
title: “Pakistan Warns That Flood Damage Will Exceed 10 Billion Klmat” ShowToc: true date: “2022-11-27” author: “Anita Gerstner”
Already reeling from an economic crisis, floodwaters have submerged more than a third of the country, killing more than 1,000 and affecting 33 million people. Bilawal Bhutto Zardari, the country’s foreign minister, told CNBC’s Dan Murphy on Thursday that he feared damages from the natural disaster would exceed current estimates of $10 billion, adding that the country’s crisis was still in a “rescue phase and relief. ” The flooding, which Bhutto Zardari told CNBC was “a climate disaster of biblical proportions,” covered more than 95,000 square miles of land. Bhutto Zardari said the crisis was far from over as “the southern areas of Pakistan are still preparing for the floods that will come through the rivers from the north”. “Pakistan is currently paying with its life and livelihood for a climate disaster that is not of its making,” he said. Pakistan’s contribution to global carbon emissions is less than 1%, but it is among the 10 countries most affected by climate change. The South Asian nation of more than 220 million people reported an inflation rate of 27 percent for August, according to government data, and has been hit hard by the Covid-19 pandemic. Its currency has fallen, while net foreign exchange reserves have fallen to just $8 billion in August, according to the State Bank of Pakistan. Rural areas in Pakistan have been hit hardest by the floods. Anadolu Agency | Anadolu Agency | Getty Images Political strife has gripped the country since April, following the ouster of former prime minister Imran Khan, who has been charged under anti-terrorism laws by Pakistani police.
Implications for food inflation
Rural areas in Pakistan have been hardest hit by the floods, which will have a compounding impact on Pakistan’s agricultural industry and ultimately on food costs. Bhutto Zardari told CNBC that “about 80 to 90 percent” of Pakistan’s crops have been damaged by the floods. The International Rescue Committee reports that 4 million hectares of crops have been destroyed and 800,000 animals are missing. Before the disaster, food inflation in rural provinces was much higher compared to urban areas. For example, the cost of onions in urban areas of Pakistan increased by 89% from July 2021 to July 2022. In rural areas, the cost increase exceeded 100%. The International Monetary Fund on Monday approved the release of $1.1 billion to Pakistan in special drawing rights, part of a bailout program launched in 2019. The money was already part of a relief program to help Pakistan stabilize its economy. Pakistan has now launched a joint appeal with the United Nations for about $160 million, which Bhutto Zardari told CNBC “is obviously a very conservative estimate of the minimum requirements at this time.” More than a million homes have been destroyed and Bhutto Zardari added that key infrastructure such as bridges, road networks and dams have been damaged. Pakistan in the future, he says, will need “large-scale reconstruction, which will require a lot of work.” Residential areas were flooded after heavy monsoon rains in Dera Allah Yar town of Jaffarabad district, Balochistan province. Fida Hussain | Afp | Getty Images
