Pakistan and the United Nations hold a major meeting in Geneva on Monday aimed at marshalling aid to rebuild the country after devastating floods on who will bear the cost of climate disasters. It is expected to be a major test case for
Record monsoon rains and the melting of glaciers last September have displaced nearly 8 million people and killed at least 1,700 in a catastrophe attributed to climate change.
Although most water bodies are now receding, the estimated $16.3 billion rebuilding project is to rebuild millions of homes, thousands of kilometers of roads and railroads, and hundreds more. Millions of people could fall into poverty.
Islamabad, led by Prime Minister Shebaz Sharif, will present a “framework” for recovery at a conference where UN Secretary-General António Guterres and French President Emmanuel Macron will also speak.
Guterres, who visited Pakistan in September, had previously described the country’s destruction as “climate carnage.”
“This is a pivotal moment for the international community to stand with Pakistan and commit to resilience and an inclusive recovery from these devastating floods,” said Knut Ostby, Pakistan’s representative to the United Nations Development Programme. said.
Additional funding is critical amid growing concerns about Pakistan’s ability to pay for imports such as energy and food, as well as its sovereign debt abroad.
However, it is not clear where the rebuilding funds will come from, given that funding for the emergency humanitarian phase is difficult and only half available, according to UN data.
At the COP27 meeting in Egypt in November, Pakistan said: “Loss and Damage” A fund to cover climate-related destruction for countries that contribute less to global warming than wealthier countries.
However, it remains to be seen whether Pakistan, with its $350 billion economy, will be eligible to tap into that future funding.
About 250 people, including government officials, private donors and international financial institutions, are expected to attend the event, according to organizers.
Khalil Hashimi, Pakistan’s ambassador to the United Nations in Geneva, said Islamabad was willing to contribute about half of the bill, but hoped for the rest from donors. “We will mobilize international support through various means,” he said. “We look forward to working with our partners.”
A delegation from the International Monetary Fund (IMF) will meet with Pakistan’s finance minister on the sidelines of the meeting, a spokeswoman for the lender said on Sunday.
The IMF has yet to approve the release of $1.1 billion that was due to be paid out last November, leaving Pakistan with only enough foreign exchange reserves to cover a month’s worth of imports.
