Floods caused a net loss of $10b

Source: Express Tribune

Date: November 12, 2010

ISLAMABAD: Minister of State for Finance Hina Rabbani Kharon Thursday put the country’s net losses from the recent floods at a colossal $10 billion.  The losses have stunted the entire national economy, the state minister told the Senate.

Winding up a debate on the state of economy, she said that though the government had inherited a weakened economy in 2008 it was making “strides” towards managing the situation until the massive flood.

She said after seeing negative economic growth for the past two years, the government is hopeful of achieving four per cent growth this year, despite unprecedented flooding and heavy losses in the agiculture sector.

The state minister said the government is determined to begin the reconstruction process and has raised Rs40 billion from within the country to disburse among survivors as flood relief and as compensation for rebuilding their houses. She said the government will disburse Rs160 billion in cash among flood victims.

She said the government has decided to impose reformed GST and flood tax with an objective to raise more funds for flood victims.

According to official estimates, the number of kidnapping cases has surged to an alarming level over the past three years, surpassing the 28,000-mark, Minister of State for Interior Tasneem Qureshi told the Senate on Thursday.

View the link for details: http://tribune.com.pk/story/76100/floods-caused-a-net-loss-of-10b-minister/