IMF allocates $451mln in aid to flood-hit Pakistan
MOSCOW. September 16. KAZINFORM The International Monetary Fund (IMF) has approved a $451-million aid intended to help Pakistan tackle the consequences of recent massive floods, the fund said; Kazinform refers to RIA Novosti.
Heavy monsoon rains hit Pakistan in late July, causing the worst floods in 80 years which killed at least 1,600 people. A million homes have been destroyed across the country, with some 20,000 people being affected by the disaster. At one point, approximately one-fifth of Pakistan's territory was under water because of the flooding.
"Pakistan's economic outlook has deteriorated sharply as a result of the floods. The agriculture sector, which accounts for 21 percent of Gross Domestic Product (GDP) and 45 percent of employment, has been hit particularly hard," a statement published on Wednesday on the IMF's website said.
"The IMF extends its deep sympathy to the people of Pakistan for the loss of life, human suffering, and extensive damage to property and infrastructure caused by catastrophic floods since late July," Naoyuki Shinohara, IMF's deputy managing director and acting chair, was quoted in the statement as saying.
The assistance provided by the fund will help Pakistan finance needed imports and is expected to catalyze additional external support, the statement said; Kazinform cites RIA Novosti.
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