The United Nations called Monday for more than $8 billion to help Pakistan recover from last year's devastating floods and improve its ability to resist the ravages of climate change, as financial pledges stacked up.

"No country deserves to endure what happened to Pakistan," UN Secretary-General Antonio Guterres told an international conference in Geneva.

The unprecedented monsoon floods last summer at one point submerged a third of the country and killed more than 1,700 people, while over 33 million others suffered its impacts.

Eight million people were displaced, millions of acres of agricultural land were ruined, and around two million homes were destroyed, while nine million more people were pushed to the brink of poverty.

"You will appreciate that we need to give 33 million people their future back," Pakistan's Prime Minister Shehbaz Sharif told the conference.

According to the Resilient Recovery, Rehabilitation and Reconstruction Framework that Pakistan presented on Monday, it will need $16.3 billion over the next three years for the initial efforts to rebuild and improve its ability to withstand climate change.

Pakistan's government has said the country should be able to cover half the cost, but is urging the international community to pay for the rest.

"We must match the heroic response of the people of Pakistan with our own efforts and massive investments to strengthen their communities for the future," Guterres said.

- 'Victim' -

In addition to donations, Guterres also called for a revamp of the global financial system to make it easier for crisis-hit middle-income countries like Pakistan to access crucial financing.

"Pakistan is also a victim of the man-made disaster of a morally bankrupt global financial system," he told reporters.

"A system that denies middle-income countries debt relief and concessional financing to invest in resilience and recovery -- That must change," he said.

The World Bank meanwhile emphasised the need for Pakistan to "keep spending within sustainable limits".

"A truly resilient recovery will not be possible without additional fiscal and structural reforms," said Martin Raiser, the World Bank's vice president for the South Asia region.

He urged Pakistan to "address the inefficiencies that are muting investment" and to opt for "more progressive, wider-based taxation".

The Pakistani delegation is also due to meet with International Monetary Fund representatives in Geneva.

- 'Nightmarish' -

Sharif told reporters he had asked the IMF for a pause in its demands for economic reforms before releasing more financial aid.

The global lender wants Pakistan to withdraw remaining subsidies for petroleum products and electricity, aimed at helping households, before releasing the remainder of a $6 billion deal negotiated by the previous government.

But Sharif asked "how on Earth" the additional burdens could currently be shouldered by the country's poorest, describing the situation as "nightmarish".

Guterres lent his support. "Economic stability is very important," he said, before quipping, "The day we will all be dead, there will be perfect economic stability."

Pakistan, with the world's fifth-largest population, generates less than one percent of global greenhouse gas emissions but is one of the nations most vulnerable to extreme weather caused by global warming.

- 'Loss and damage' -

Guterres said Pakistan's "monsoon on steroids" proved the need for the agreement reached at the UN's COP27 climate summit in November to create a "loss and damage" fund, aimed at covering the climate-related destruction endured by developing nations.

"If there is any doubt about loss and damage, go to Pakistan," he said.

Several countries and organisations appeared to heed the call, with France pledging to contribute 360 million euros ($384 million) towards the plan, and an additional 10 million euros for humanitarian aid.

Washington meanwhile pledged another $100 million towards Pakistan's recovery, doubling its contribution from an initial announcement last August.

And the Islamic Development Bank pledged a full $4.2 billion in financing over the next three years.

The final amount of pledges should be announced later Monday.

Related Links
Bringing Order To A World Of Disasters
A world of storm and tempest
When the Earth Quakes

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Brazil patrols government buildings retaken from rioting Bolsonaro supporters
Bras�lia (AFP) Jan 9, 2023
Brazilian security forces locked down the area around Congress, the presidential palace and the Supreme Court Monday, a day after supporters of ex-president Jair Bolsonaro stormed the seat of power in riots that triggered an international outcry. In stunning scenes reminiscent of the January 6, 2021 invasion of the US Capitol building by supporters of then-president Donald Trump, backers of Bolsonaro broke through police cordons and overran the seats of power in Brasilia, smashing windows and doors ... read more