ISLAMABAD: At the Geneva donors’ conference, Pakistan hopes to gain Washington’s support in order to persuade multilateral lenders to lend Islamabad approximately $13 billion for approximately two dozen projects.
Pakistan is working on a document with project specifics.
This extraordinary record having an image of the US and Pakistani banners is being ready and afterward it will be imparted to US experts on night before the impending givers’ gathering planned to be held in Geneva on January 9, 2023, for the remaking of flood-impacted regions in Pakistan.
North of two dozen framework projects worth $13 billion will be shared that have been cleared by important and able gatherings and are fit to be put resources into whenever.
The Flood Protection Project is one of the projects, and its estimated cost is $4 billion. The other projects will involve irrigation and other topics.
The government has devised a plan to use $8 billion of its own budgetary resources for the over $16 billion required for reconstruction, and the remaining $8 billion will be sought from multilateral and bilateral creditors to fill the financing gap.
The government came up with a plan to use 50 percent of its own funds for medium-term reconstruction projects, taking into account donor fatigue and involvement in other parts of the world.
In this time of need, the communities of donors will be sought for the remaining $8.2 billion.
The World Bank, Asian Development Bank, and Asian Infrastructure Investment Bank (AIIB) committed and approved $2 billion projects for the reconstruction phase in flood-affected areas, and these multilateral financial institutions repurposed $400 million of the $8.2 billion that Pakistani authorities identified as a financing gap.
Pakistan has received $2.4 billion in commitments thus far. At the donors’ conference in Geneva, it was anticipated that it would receive an additional $1 billion from other multilateral and bilateral creditors.
The most that can be expected from the moot, which will be hosted by Pakistan and the United Nations together, is commitments of $3.5 to $4 billion. However, the extent to which the international community will assist Islamabad in rebuilding flood-affected areas in Pakistan remains to be seen.
At the upcoming conference, Pakistan will also compete for grants from donors for education, health, and other social sector areas.
