Source: Dawn
Date: 02 Sep, 2010
ISLAMABAD: The federal cabinet was informed on Wednesday that economic losses inflicted by the floods were estimated at $43 billion, almost equal to the expenditures incurred on the war on terror over the past nine years.
The floods have affected 79 of the 124 districts — 24 in Khyber Pakhtunkhwa, 19 in Sindh, 12 in Punjab, 10 in Balochistan and seven each in Azad Kashmir and Gilgit-Baltistan.
Prime Minister Yousuf Raza Gilani said the government had released massive funds to the provinces under the 7th National Finance Commission Award and relief funds would be disbursed after the Council of Common Interests evolved a mechanism.
He said the national economy had grown by 4.1 per cent last year and was expected to grow four per cent this year, but it might end up at 2.5 per cent, causing massive job losses and affecting incomes of thousands of families.
The prime minister said the devastation might also affect revenue collection and increase expenditures, widening the budget deficit.
For more details view the link: http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/the-newspaper/front-page/inflation-spike%2C-job-losses-feared-flood-loss-estimates-rise-to-%2443bn-pm-290
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