Finance Minister Muhammad Aurangzeb on Sunday said Islamabad has been in close contact with the International Monetary Fund (IMF) regarding the impact of the ongoing floods on the country’s economic situation.
In a visit to the Kamalia tehsil of Toba Tek Singh, he said the government wants to prioritize and utilize domestic resources before seeking foreign aid to tackle the crisis. “The whole world is watching the difficulties being faced by the Pakistani people,” he said, noting the floods had damaged infrastructure such as roads, bridges, and houses. Backing the government’s decision to waive electricity bills for August, he said it would be inappropriate to send bills to residents of disaster-hit zones.
The minister expressed gratitude about the minimal loss of life in Toba Tek Singh and hoped the floodwaters would recede quickly so farmers could begin planting their next crop. “We will rebuild the infrastructure and restore it to its original condition,” he vowed.
Praising the scale of the ongoing relief operation, Aurangzeb said it was unprecedented in the country’s history. He particularly thanked the Pakistan Army for their role in rescue and relief activities.
The minister’s visit followed a statement by the IMF in which it expressed concern and deep sorrow over the loss of lives in Pakistan’s devastating floods. It said its upcoming second economic review mission would assess the disaster’s impact on the economy, as well as the financial requirements for recovery and reconstruction.
Aurangzeb said preliminary discussions with the IMF had enabled the announcement of relief in electricity bills, adding there was “nothing wrong” with this. “Damage assessments are currently under way, and these are very important—not only for our talks with the IMF but also with other financial organizations,” he said.
The minister further noted that the government would ramp up efforts to counter hoarding or price gouging, adding it is considering special packages for farmers to ensure they can sow their next crops on time. He stressed the country must learn from these disasters and improve its capacity to avoid such devastation in future.