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Pakistan’s financial system primarily based on sturdy footing, zero probability of default: Ahsan Iqbal

ISLAMABAD: Minister for Planning, Growth and Particular Initiatives Ahsan Iqbal has mentioned regardless of financial challenges Pakistan was not defaulting in any case.

“Though we face financial challenges, there’s zero % probability of defaulting”, Ahsan Iqbal mentioned whereas speaking to British Broadcasting Company (BBC) on Thursday evening.

The minister mentioned Pakistan’s financial system had a robust footing subsequently it could come out of disaster very quickly.

Talking concerning the flood damages in Pakistan, Ahsan Iqbal mentioned over 1,700 individuals died throughout the nation in the course of the torrential rains and floods final 12 months.

Greater than 9 million individuals slipped underneath the poverty line whereas over 8 million individuals have been going through malnutrition because of the devastating floods and rains, he added.

He knowledgeable that within the Geneva Convention held earlier this week, the worldwide neighborhood and the event companions had pledged the assist of over $10 billion to assist Pakistan get well from the damages attributable to the floods.

He mentioned the rehabilitation and reconstruction course of was underway within the flood-hit areas throughout the nation, nonetheless, he added that the entire restoration would take two to a few years’ time.

To a query, the minister defined that the federal government had ready a 3 years agenda for the revival of the flood-affected individuals.

As per the nationwide reconstruction agenda, the federal government would offer 50 % of whole bills within the rehabilitation and reconstruction course of from its personal sources. Whereas remainder of the funding hole could be bridged by the pledges made in the course of the Geneva Convention, he added.

Pakistan on Monday (January 09) secured over $10 billion in pledges from worldwide monetary establishments, donor businesses, and growth companions for the rehabilitation, restoration, and reconstruction of flood-affected areas, throughout an Worldwide Convention on Local weather Resilience.

The most important pledges made on the convention, co-chaired by Pakistan and the United Nations in Geneva, Switzerland, included $4.2 billion from the Islamic Growth Financial institution (IsDB), $2 billion from the World Financial institution, $1.5 billion from the Asian Growth Financial institution (ADB), $1 billion from the Asian Infrastructure Funding Financial institution (AIIB) and $1 billion from Saudi Arabia.

Ahsan Iqbal mentioned Pakistan would full the reconstruction course of with the assistance of the worldwide neighborhood and growth companions.

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