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IMF to provide $450m flood aid to Pakistan

09-03-2010 08:16 BJT

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The International Monetary Fund says it will provide Pakistan with about 450 million dollars in emergency aid to help it cope with its devastating floods. Pakistan's government says the floods have left more than one thousand and seven hundred people dead and caused losses of more than 43 billion US dollars.

IMF Managing Director Dominique Strauss-Kahn said in a statement that Pakistan needs the money to deal with the disaster that has seriously damaged infrastructure and hurt the country's economic outlook.

The IMF says the aid comes on top of the 7.3 billion dollars already provided under an arrangement in place since November 2008.

IMF Managing Director Dominique Strauss-Kahn said, "I am happy to announce that we will be able to provide 450 million in the coming days and probably the IMF, I won't say as always, but as often will be the first agency likely to disperse very rapidly this money which is absolutely needed."

Flood waters have swept through Pakistan over the past month, causing gigantic losses.

According to a survey by Pakistan's Federal Flood Commission, at least 1,710 people have died and another 2,632 injured. Information Minister Qamar Zaman Kaira says 20 million people have been affected by the floods and more than 7.5 million of them have been displaced.

Prime Minister Yousuf Raza Gilani said at a recent federal cabinet meeting that the economic losses stood at 43 billion US dollars, almost the same as what has been spent in the war on terror over the past nine years.

The government says about 200 million dollars is required for recovery and relief work, and more than one billion dollars is needed to repair key infrastructure.

Editor:Zhang Ning |Source: CNTV

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