World Bank to loan Pakistan $900m by Magdalena Rosova

The World Bank will provide Pakistan a huge loan of 900 million American dollars. The loan should help Pakistan to recover from the floods that has ruined the country's economy. Over last three weeks floods were raging in Pakistan and they are often described as the worst humanitarian crisis in the world today. The World Bank stated that the money for Pakistan will come from the International Development Association, which is the bank's arm for countries with low-income. Pakistani government asked for this sum of money and the bank committed them to provide. The flood affected more than 20 million people. The crops in the country are completely destroyed, towns and village! s are ruined. The World bank expect the economic cost of the floods will be huge. It seems that the floods caused the worst damage in the housing, roads, irrigation and agriculture sectors. The crop loss is estimated to be around one billion dollars. When the water recede in September, it will be possible to asses the full impact on soil erosion and agriculture. The World Bank together with the Asian Development Bank and the United Nations were asked last week to cooperate on bringing assessments in the areas hit by the foods. The assessments should inform about the damages and needs. The two banks and the United Nations will work together and share information. They will also coordinate activities of donors. On Friday a global facility for disaster reduction and recovery rapid response team came to Islamabad. The team should help launch the assessment. The World Bank stated that without new wave of flooding the assessments could be finished by October 15.

related s! tory (sgx17994): http://web.worldbank.org/WBSITE/EXTERNAL/PROJECTS/0,,content...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

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