37 per cent population was hit by poverty after floods
The economic loss due to the unprecedented floods in Pakistan has been estimated around USD 18 billion, an increase from USD 12.5 billion estimated earlier, as calculated by the Centre and endorsed by the provinces.
Agriculture growth faced a severe impact in the aftermath of floods. The catastrophic floods have destroyed crops in 8.25 million acres as compared to the initial assessment of 4.2 million acres which has further increased the major economic losses, The News International reported.
Cotton, rice, and other minor crops have been damaged severely and if dewatering is not done properly, it can cause serious problems for wheat sowing as well.
The cotton crop has evaporated in most parts of the country and now wheat sowing is under threat.
The Ministry of National Food Security has been assigned to come up with a brief summary to increase the minimum support price (MSP) of wheat for the coming crop.
The authorities have held meetings with international donors and assured them that Pakistan would place an effective monitoring and evaluation system to utilise each and every penny to mitigate the flood losses in a transparent manner, reported The News International.
After the increased economic losses and reduced GDP growth, the per capita income is projected to slow down. The government had envisaged a GDP growth rate of 5 per cent for the current fiscal year.
Moreover, poverty and unemployment will rise up from 21.9 per cent to over 36 per cent.
Some 37 per cent of the population was hit by poverty after floods in 118 districts, as estimated by the government of Pakistan.
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