Pakistan exceeds expectations to raise funds: Bilawal
January 10, 2023
- Bilawal says he is glad Pakistan secured more funds than expected.
- Pakistan received pledges worth over $10 billion in Geneva conference.
- Conference was held to raise funds for reconstructon of flood-hit areas.
Foreign Minister Bilawal Bhtto-Zardari expressed delight that Pakistan has exceeded the fund collection target at the International Conference on Climate Resilient Infrastructure in Geneva as the country received pledges worth over $10 billion, Geo News reported Tuesday.
At the conference, Prime Minister Shehbaz Sharif launched an $8 billion flood aid appeal, aimed at helping the country overcome the devastation caused due to the cataclysmic floods. Pakistan needs the world assistance as the country faces financial distress after the deadly floods wreaked havoc on the country, killing at least 1,700 and causing damages worth over $16 billion — half of which Islamabad is financing through its resources.
"Today, the international community answered the prayers of 33 million flood victims in Pakistan. We exceeded all expectations and managed to raise more than $9Billion in funding for a resilient Pakistan reconstruction plan," Bilawal tweeted on Tuesday.
In the same tweet, he expressed gratitude for United Nations Secretary-General Antonio Guterres "for being our champion throughout."
The foreign minister quote-retweeted a thread of tweets from the ministry of foreign affairs that gave the breakdown of the commitments pldged by the world donors.
The country, with a $350 billion economy, secured commitments worth $8.57 billion by the end of the first plenary session, while it managed to secure over $2 billion in the second session.
Pakistan faces financial distress after the deadly floods wreaked havoc on the country, which killed at least 1,700 and caused damages worth over $16 billion — half of which Islamabad is financing through its resources.
The World Bank and Islamic Development Bank (IsDB) pledged over $6 billion to Pakistan to aid its climate rebuilding effort in response to the country's $8 billion flood appeal.
The IsDB has pledged $4.2 billion over the next three years to Pakistan and the World Bank $2 billion, while the Asian Infrastructure Investment Bank, Saudi Arabia, China, the United States and other nations have also announced support.
Pakistan needs world support for reconstruction of flood-hit areas: Bilawal
Speaking at the inaugural session, Foreign Minister Bilawal Bhutto Zardari has said Pakistan needs considerable support over the next several years from international partners to ensure rehabilitation and reconstruction in the flood-hit areas.
He said, “Pakistan will transform the challenge recovery reconstruction into an opportunity to build a more resilient Pakistan and economy which is dynamic and suitable. We are determined to do it in an open transparent and collaborative way”.
In his comments, Bilawal said that the conferencdemonstratedes international solidarity with Pakistan as it begins its journey to recovery. He said, “We see this conference as a beginning of a long-term partnership with our friends and development partners. We look forward to the generous and sustained commitments from the international community.”
Highlighting the devastation caused by recent floods in Pakistan Bilawal Bhutto Zardari said around 33 million people including 16 million children and 600 000 pregnant women were severely affected by the floods. He said many areas of Pakistan are still under water even after the passage of six months. He said we are still conducting our relief operations and are looking forward to reconstruction and rehabilitation.
