According to the World Bank, six to nine million Pakistanis will fall into poverty as a result of the devastating floods that struck the country on Thursday and were caused by climate change.
Unprecedented monsoon rains in Pakistan this year have resulted in 1,700 fatalities, the destruction of two million dwellings, and the inundation of a third of the nation.
Eight million people still reside in camps dotted around lakes that have engulfed their homes, valuables, and means of subsistence.
According to a World Bank report, the floods are directly responsible for a 2.5% to 4% increase in Pakistan’s poverty rate. It also stated that between 5. 8 and 9 million people could become impoverished due to the loss of jobs, animals, crops, and residences, school closings, and the spread of illnesses. It’s possible that the negative social and economic effects will be difficult to overcome for a long period.
According to figures from the Asian Development Bank, 20 percent of Pakistan’s 220 million people are already living below the poverty level.
The state treasury was in ruins before the floods, and its foreign exchange reserves were shrinking. According to the World Bank, the nation’s inflation rate is anticipated to be approximately 23% for the fiscal year 2023.
Pakistan ranks highly among the nations most susceptible to extreme weather brought on by climate change, although producing less than 1% of the world’s greenhouse gases.
According to research, emissions from humans are to blame for extreme weather getting worse.
Islamabad requested financial assistance from the industrialised countries with the highest carbon footprints as a measure of climate justice.
Climate Change Minister Sherry Rehman stated on Tuesday, “We don’t have the space to give our economy a stimulus package that will create jobs and give them the steady income they need. She continued, “We are still engaged in a protracted and persistent fight to rescue lives.
Floods will make 9 million Pakistanis poor, according to the World Bank
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