Pakistan received over $9 billion in pledges Monday to help it recover from last year's catastrophic floods, vowing to become a model for how countries can build climate change resilience.

Pakistan is still reeling from the unprecedented deluge that submerged huge swathes and killed more than 1,700 people, while over 33 million others suffered its impacts.

"We are perhaps the first country ever that has seen a third of its landmass underwater," Pakistan Foreign Minister Bilawal Bhutto Zardari told AFP at the end of an international conference in Geneva seeking support for his country's resilient flood recovery.

"Unfortunately, we won't be the last."

He voiced hope that the "resounding success" of the conference, which garnered more pledges than hoped for, could "provide a template going forward for future countries who find themselves in distress."

Pakistan, with the world's fifth-largest population, generates less than one percent of global greenhouse gas emissions but is one of the nations most vulnerable to extreme weather caused by global warming.

UN chief Antonio Guterres called for "massive investments" to help Pakistan recover from a "monsoon on steroids".

"Countries on the frontlines of the climate crisis need massive support," he said, while Pakistan Prime Minister Shehbaz Sharif warned his country was "racing against time" to deal with towering needs.

"We need to give 33 million people their future back."

- 'Horror movie' -

The Resilient Recovery, Rehabilitation and Reconstruction Framework, which Pakistan presented at the United Nations-sponsored conference, calls for $16.3 billion over the next three years for the initial efforts to rebuild and improve its ability to withstand future climate shocks.

Pakistan said it should be able to cover half the cost but pleaded with the international community to fund the rest.

In the end, it received more than $9 billion in pledges, including a promise of 360 million euros ($384 million) from France and $100 million in additional funding from Washington and Beijing.

And the World Bank and a range of regional development banks promised billions in loans.

"We have surpassed our own target for this conference," Bhutto Zardari said, stressing though that more was needed.

Describing the floods as "something out of a horror movie," he said Pakistan nonetheless had discovered "opportunity in this crisis"

"Now we can invest in infrastructure in ... the most underprivileged areas, the most deprived areas, (which) will allow us to grow our local economy."

- 'Man-made disaster' -

But the country still faces monumental challenges.

The UN chief warned Monday that in addition to being lashed by climate change, "Pakistan is also a victim of the man-made disaster of a morally bankrupt global financial system. A system that denies middle-income countries debt relief and concessional financing to invest in resilience and recovery.

"That must change."

Sharif meanwhile told reporters he had asked the IMF for a pause in its demands for economic reforms in exchange for more aid.

The global lender wants Pakistan to withdraw remaining subsidies for petroleum products and electricity, aimed at helping households, before releasing the remainder of a $6 billion deal negotiated by the previous government.

While insisting Pakistan was committed to the IMF programme, Sharif asked "how on Earth" the country's poorest could shoulder additional burdens, describing the situation as "nightmarish".

And the IMF is not the only one making demands.

The World Bank promised Pakistan a $2-billion loan, but also insisted the country needed to undertake "additional fiscal and structural reforms."

- 'Loss and damage' -

Guterres also said Pakistan proved the need for a "loss and damage" fund, agreed at the UN's COP27 climate summit in November, that could cover the climate-related destruction endured by developing nations.

"If there is any doubt about loss and damage, go to Pakistan," he said.

The situation there also clearly showed the dangers of inaction to stop global warming.

"Today it's Pakistan. Tomorrow it could be your country," Guterres said.

"Without action, climate catastrophe is coming for all of us."

Pakistan flood recovery needs 'massive' investment: UN
Geneva (AFP) Jan 9, 2023 - The United Nations called Monday for more than $8 billion to help Pakistan recover from last year's devastating floods and improve its ability to resist the ravages of climate change, as financial pledges stacked up.

"No country deserves to endure what happened to Pakistan," UN Secretary-General Antonio Guterres told an international conference in Geneva.

The unprecedented monsoon floods last summer at one point submerged a third of the country and killed more than 1,700 people, while over 33 million others suffered its impacts.

Eight million people were displaced, millions of acres of agricultural land were ruined, and around two million homes were destroyed, while nine million more people were pushed to the brink of poverty.

"You will appreciate that we need to give 33 million people their future back," Pakistan's Prime Minister Shehbaz Sharif told the conference.

According to the Resilient Recovery, Rehabilitation and Reconstruction Framework that Pakistan presented on Monday, it will need $16.3 billion over the next three years for the initial efforts to rebuild and improve its ability to withstand climate change.

Pakistan's government has said the country should be able to cover half the cost, but is urging the international community to pay for the rest.

"We must match the heroic response of the people of Pakistan with our own efforts and massive investments to strengthen their communities for the future," Guterres said.

- 'Victim' -

In addition to donations, Guterres also called for a revamp of the global financial system to make it easier for crisis-hit middle-income countries like Pakistan to access crucial financing.

"Pakistan is also a victim of the man-made disaster of a morally bankrupt global financial system," he told reporters.

"A system that denies middle-income countries debt relief and concessional financing to invest in resilience and recovery -- That must change," he said.

The World Bank meanwhile emphasised the need for Pakistan to "keep spending within sustainable limits".

"A truly resilient recovery will not be possible without additional fiscal and structural reforms," said Martin Raiser, the World Bank's vice president for the South Asia region.

He urged Pakistan to "address the inefficiencies that are muting investment" and to opt for "more progressive, wider-based taxation".

The Pakistani delegation is also due to meet with International Monetary Fund representatives in Geneva.

- 'Nightmarish' -

Sharif told reporters he had asked the IMF for a pause in its demands for economic reforms before releasing more financial aid.

The global lender wants Pakistan to withdraw remaining subsidies for petroleum products and electricity, aimed at helping households, before releasing the remainder of a $6 billion deal negotiated by the previous government.

But Sharif asked "how on Earth" the additional burdens could currently be shouldered by the country's poorest, describing the situation as "nightmarish".

Guterres lent his support. "Economic stability is very important," he said, before quipping, "The day we will all be dead, there will be perfect economic stability."

Pakistan, with the world's fifth-largest population, generates less than one percent of global greenhouse gas emissions but is one of the nations most vulnerable to extreme weather caused by global warming.

- 'Loss and damage' -

Guterres said Pakistan's "monsoon on steroids" proved the need for the agreement reached at the UN's COP27 climate summit in November to create a "loss and damage" fund, aimed at covering the climate-related destruction endured by developing nations.

"If there is any doubt about loss and damage, go to Pakistan," he said.

Several countries and organisations appeared to heed the call, with France pledging to contribute 360 million euros ($384 million) towards the plan, and an additional 10 million euros for humanitarian aid.

Washington meanwhile pledged another $100 million towards Pakistan's recovery, doubling its contribution from an initial announcement last August.

And the Islamic Development Bank pledged a full $4.2 billion in financing over the next three years.

The final amount of pledges should be announced later Monday.

Related Links
Bringing Order To A World Of Disasters
A world of storm and tempest
When the Earth Quakes

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Pakistan flood recovery needs 'massive' investment: UN
Geneva (AFP) Jan 9, 2023
The United Nations called Monday for more than $8 billion to help Pakistan recover from last year's devastating floods and improve its ability to resist the ravages of climate change, as financial pledges stacked up. "No country deserves to endure what happened to Pakistan," UN Secretary-General Antonio Guterres told an international conference in Geneva. The unprecedented monsoon floods last summer at one point submerged a third of the country and killed more than 1,700 people, while over 33 mi ... read more