Karachi
\nForeign Minister Bilawal Bhutto-Zardari Wednesday demanded that world institutions and the International Monetary Fund (IMF) not burden the country\u2019s flood-affected people with inflation.
\nIslamabad began its formal talks with the global lender last month to discuss an economy-rescuing plan that also includes an instalment of a $1.1 billion loan payment from a $6.5 billion bailout package, which was designed to ward off Pakistan\u2019s economic meltdown in 2019.
\nTo meet the IMF\u2019s conditions for the critical loan, the government has already hiked petroleum prices, sending inflation through the sky and pushing power, gas, and other commodities out of the reach of income-strapped segments of society.
\nThe revival of the bailout is vital to the nation of 220 million as the State Bank of Pakistan-held foreign exchange reserves are at a critical level of around $3 billion, for the week ended January 27 \u2014enough to cover imports for less than a month.
\nWhile addressing a donor conference for Sindh\u2019s flood-stricken population in Karachi, the foreign minister said: \u201cA natural calamity like the floods was doomsday before the doomsday for us.\u201d
\nBilawal also inaugurated the release of funds to construct homes for the affectees in the province. Jointly organised by the Sindh government and the United Nations Development Programme (UNDP), the conference discussed the rehabilitation of areas impacted by catastrophic flooding in the province.
\nInitially, these funds will be utilised in Sindh\u2019s eight calamity-hit districts \u2014 Larkana, Sukkur, Dadu, Hyderabad, Thatta, Shaheed Benazirabad, Umerkot and Tando Allahyar.
\nAddressing the summit, Sindh Chief Minister Murad Ali Shah said around 2.1 million homes were damaged during the province\u2019s devastating floods.
\nThe Sindh administration, meanwhile, has signed an agreement to reconstruct these homes under a public-private partnership.
\nChief Executive Officer Housing Khalid Shaikh and Sindh Rural Support Programme\u2019s Hadi Bux signed the agreement.
\nMore than 1,700 people were killed and 8 million displaced by last year\u2019s flooding, which also destroyed about a million homes and businesses across the country of 220 million people, according to disaster management officials.
\nAbout 5 million people \u2014 mainly in Sindh and the southwestern province of Balochistan \u2014 are still exposed to floodwater months after monsoon rains and melting glaciers caused the disaster.
\n\u201cSuch a calamity has never occurred in history. One out of every seven Pakistani was affected by the floods in Sindh,\u201d FM Bilawal said, while he appreciated UN Secretary-General Ant\u00f3nio Guterres\u2019 efforts in this difficult time.
\n\u201cTheir standing crops have been washed away and despite tiresome efforts, they have not been able to prepare their lands for the Rabi crop and may not be able to make their flooded lands fit for the upcoming Kharif crop,\u201d Bilawal said.
\nThe foreign minister said it was the government\u2019s success to get more than what was asked for from global institutions.
\n\u201cThe floods impacted over 30 million people, while crops were destroyed across 0.5 acres of land. There is a need for $1.5 billion to construct homes in Sindh,\u201d Bilawal said.
\nThe PPP chairman also highlighted the support received from global financial institutions, particularly the World Bank, and spoke about the federal finance minister\u2019s ongoing talks with the IMF.
\n\u201cHopefully, the negotiations with IMF will remain positive. It is IMF\u2019s responsibility to provide protection to the flood victims. We are placing the burden of inflation on the IMF\u2019s insistence and request it to ease the conditions with the nation affected by flood devastations,\u201d the minister said.
\nCommenting on the relief efforts in the province, FM Bilawal insisted on targeted relief for flood-affected areas which should focus on agriculture, energy, and fertilisers.
\n\u201cThis will be possible when the IMF\u2019s conditions are relaxed. We have the solution and plans for the challenges and problems being faced,\u201d Bilawal added.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi Foreign Minister Bilawal Bhutto-Zardari Wednesday demanded that world institutions and the International Monetary Fund (IMF) not burden the country\u2019s flood-affected people with inflation. Islamabad began its formal talks with the global lender last month to discuss an economy-rescuing plan that also includes an instalment of a $1.1 billion loan payment from a $6.5 billion […]<\/p>\n","protected":false},"author":2,"featured_media":312606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-312594","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n