Pakistan modifies budget estimates due to flood relief, rehabilitation: PM

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Pakistan modifies budget estimates due to flood relief, rehabilitation: PM
SHARM EL-SHEIKH: Prime Minister Shehbaz Sharif meets Managing Director of the International Monetary Fund (IMF) Kristalina Georgieve on the sidelines of COP-27 Summit, here Monday. - APP

 

Shehbaz tells IMF chief on the sidelines of COP-27 Summit;
Pakistan suffers over $32 billion damage due to recent floods;

Flood Relief, Rehabilitation Pakistan Modifies Budget Estimates  PM

Urges world to create a common charter for planet’s survival;
Pakistan & EU partners in achieving common objectives: PM

SHARM EL-SHEIKH: Prime Minister Muhammad Shehbaz Sharif on Monday said that due to relief and rehabilitation of the flood affected people, Pakistan has revised its budget estimates.

He expressed these views during the meeting with Managing Director of the International Monetary Fund (IMF) Kristalina Georgieve held here on the sidelines of COP-27 Summit.

The Prime Minister said that saving people’s lives and rehabilitation of the flood affected masses was the first priority of government.
He hoped that the COP-27 Climate Conference will prove a mile-stone in getting climate justice.

The Prime Minister said after the COVID-19 pandemic and global recession, the flood situation had also put negative impact on Pakistan’s economic recovery pace.

He further said that Pakistan valued the IMF cooperation, adding, Pakistan will complete the current IMF program.
Meanwhile, Prime Minister Muhammad Shehbaz Sharif on Monday said that according to the Post Disaster Needs Assessment (PDNA), the total estimated damage caused by the recent floods in Pakistan was over $32 billion i.e. around 10% of the country’s GDP.
The enormous task of rehabilitation and reconstruction would require substantial international support for Pakistan to build back greener, based on the model of sustainable development, he added.

The Prime Minister highlighted this as he met UN Secretary-General Antonio Guterres here on the sidelines of COP-27 Summit being held in Sharm El-Sheikh, a press release issued by the PM Media Wing said.

Appreciating the UN Secretary-General for his solidarity with, and call for massive support to Pakistan in the wake of devastating floods in the country, he reiterated that the unprecedented flood disaster in Pakistan was a clear manifestation of the challenge posed by climate change.

The Prime Minister also endorsed the UN Secretary-General’s call for climate justice and climate solidarity.
Referring to the adoption of UN General Assembly resolution, last month, expressing solidarity with Pakistan, he said that Pakistan was looking forward to convening an international ‘pledging conference’ bringing together all development partners.

The Prime Minister also expressed appreciation for the creation of a UN inter agency team, led by the Deputy Secretary General, to help Pakistan prepare a comprehensive rehabilitation and reconstruction plan to be presented to the Conference.

With reference to COP-27, he stated that Climate Conference was a timely opportunity for the international community to catalyse concerted international action to mitigate the impact of climate change, and promote climate justice, based on the principles of equity and common but differentiated responsibilities and respective capabilities.

The Prime Minister emphasized that addressing “loss and damage” would be a key “deliverable” at COP-27. At the request of Pakistan – in its capacity as the Chair of the G77 and China – the COP-27 has agreed, by consensus, to the proposed inclusion of an agenda item on loss and damage finance.

The bilateral meeting between the Prime Minister and the UN Secretary-General was followed by a joint press stake-out at the “Pakistan Pavilion”.

Meanwhile, Prime Minister Shehbaz Sharif on Monday said that the international community must come together to create a common charter for the survival of the planet.

The prime minister, in a meeting with the President of the United Arab Emirates Mohammed bin Zayed Al Nahyan on the sidelines of the COP 27 Summit here, welcomed the commitment of the international community, especially the Islamic world, to the goals and objectives of the COP 27 conference.

The prime minister thanked the UAE leadership and people for their generous assistance to the flood victims in Pakistan.
He termed the commitment of COP 27 as a good omen to combat the effects of climate change.
Dealing with the effects of climate change is not for developing countries alone, he added.

During the interaction, the two leaders agreed to work together for common goals of mutual interest.
Meanwhile, Prime Minister Muhammad Shehbaz Sharif on Monday said that Pakistan and the European Union were important partners in achieving common goals.

He met with European Union Commissioner Ursula von der Leyen on the sidelines of COP 27.
The prime minister appreciated the spirit of the European Union countries to help the flood victims in Pakistan.
The prime minister further said that the effects of climate change that developing countries were facing today, the whole world would have to suffer tomorrow.

Unity was essential to combat the effects of climate change, he stressed.
The prime minister also appreciated the cooperation of the European countries in removing the name of Pakistan from FATF’s grey list.
He said that there was a lot of scope for increasing bilateral trade between the EU and Pakistan. – APP