The World Bank stated on Friday that Pakistan would have to make "difficult” decisions in order to recover economically, expecting that the nation will focus on reforms as promised.
"We understand that working on reforms would be challenging for Pakistan given the country’s economic circumstances following the floods, which have inflicted immense devastation,” stated the World Bank.
The banking organisation stated that the report on expected flood damages will be issued next week. "We cannot comment on the data that have been posted elsewhere,” it stated.
The World Bank stated that the United Nations, European Union, and other international organisations are participating in the report’s preparations, and that the amount of help would be determined only when the extent of the damage is determined.
It stated that thus far, a total of $2 billion in funding had been disclosed.
Climate Change Minister Senator Sherry Rehman stated earlier this month that the World Bank has assessed a $40 billion loss to Pakistan’s economy as a result of the recent devastating floods.
According to a recent World Bank assessment, floods are predicted to increase Pakistan’s poverty rate by 2.5 to 4%.
