Karachi: Irfan Iqbal Sheikh President FPCCI apprised that all bilateral and multilateral external debts of Pakistan need immediate restructuring on soft terms as total economic cost of unprecedented floods in Pakistan has surpassed $ 30 billion.

He reiterated his stance that despite having a population of 220 million and contribution of less than one percent in global carbon emissions, Pakistan has paid highest price for global warming. 

He highlighted that around 2.8 million people out of total 33 million flood-affectees and internally displaced people are seriously ill due to various pandemics that have broken out including, Dengue, malaria, cholera, typhoid, serious skin infections and other water-borne and contagious diseases. 

He proposed that government should negotiate restructuring of external debts with IMF, World Bank, ADB, IDB, Paris Club and friendly countries to create fiscal space for flood relief and rebuilding activities.

He also extended his advisory services from platform of FPCCI in formulating strategies to successfully negotiate with various lenders.  He called for adopting austerity measures at every governmental level and redirecting all non-developmental budgets to relief and rehabilitation be it is provincial or federal.

He expressed his optimism that world would be ready to provide aid and debt relief, provided we devise a robust, diligent and pragmatic plan for relief and rehabilitation.

Published in The Daily National Courier, September, 24 2022

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