ISLAMABAD: Pakistan has suffered estimated damages and losses of USD 2.9 billion due to the recent floods that wreaked havoc across several provinces, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said on Friday.
Unveiling the Preliminary Assessment Report at a press conference, the minister said the disaster had shaved off between 0.3 and 0.7 percent from the country’s GDP, reducing the growth outlook for the current fiscal year to 3.5–3.9 percent against the earlier target of 4.2 percent.
Iqbal said the agriculture sector bore the heaviest blow, with estimated losses reaching Rs430 billion. Infrastructure losses stood at Rs307 billion, reflecting the severe impact on transport networks and public facilities.
According to the report, the floods claimed 1,039 lives and injured 1,067 people. Around 229,763 houses were damaged, including 59,258 that were completely destroyed and another 170,505 that were partially affected. The floods also wiped out 22,841 livestock and destroyed 2,811 kilometres of roads, 790 bridges, 129 public buildings, 2,267 educational institutions, 243 healthcare facilities, 1,297 commercial areas and 866 water supply sites.
The minister said Punjab suffered the highest financial losses, underscoring its vulnerability to climate-related disasters. Other provinces and regions also experienced significant economic and infrastructure setbacks, though on a smaller scale.
Discussing the impact on agriculture, Iqbal said large tracts of farmland remain submerged, raising serious concerns about food security, rural livelihoods and export earnings. “The agriculture sector’s growth is now projected at 3.0–3.8 percent, compared to the target of 4.2 percent,” he said.
He added that the floods have led to major crop losses, including an estimated 3.0–3.4 million bales of cotton, 0.6–1.2 million tons of rice, 1.3–3.3 million tons of sugarcane and 0.6–1.3 million tons of maize.
Iqbal stressed the need for coordinated recovery and long-term resilience planning to mitigate the economic fallout and better prepare the country for future disasters.