World Bank: Floods will push nearly 9 million Pakistanis into poverty

The World Bank said today, Thursday, that the catastrophic floods that hit the country and linked to climate change will push six to nine million Pakistanis into poverty.

Pakistan has experienced unprecedented monsoon rains this year, killing 1,700 people, destroying two million homes and inundating a third of the country.

Some eight million people still live in camps scattered near lakes that have swallowed up their homes and possessions and wiped out their livelihoods.

A World Bank report said the poverty rate in Pakistan is expected to rise between 2.5 and 4 percentage points as a direct result of the floods.

He added that the loss of jobs, livestock, crops and homes, school closures and the spread of disease threaten to make between 5.8 and 9 million people in poverty.

He pointed out that "it is likely to take a long time to get out of these negative social and economic repercussions."

In Pakistan, with a population of 220 million, about 20% are already below the poverty line, according to data from the Asian Development Bank.

Before the floods, the state treasury was in dire straits with dwindling foreign exchange reserves.

The World Bank said inflation in the country is set to hover around 23 percent for the 2023 fiscal year.

Pakistan is responsible for less than 1% of global greenhouse gases, but it ranks high in the rankings of countries vulnerable to severe weather caused by climate change.

Research indicates that severe weather is becoming more severe as a result of human-caused emissions.

Islamabad called on the wealthier industrialized nations with the largest carbon footprint to contribute to the aid effort as a form of climate justice.

"We don't have the space to give our economy a stimulus package that will create jobs and provide people with the sustainable income they need," Climate Change Minister Sherry Rehman said Tuesday.

"We are still in a long and relentless struggle to save lives," she added.

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