Up to $20 Billion: Pakistan Revises Flood Losses

The economic losses caused by the floods in Pakistan could range between $15 billion and $20 billion and the government fears up to 12 million more people will slip into poverty. According to a report compiled by the finance ministry, the losses could be more than double the initial estimates. While the direct loss to the economy has been put at $12 billion, damage to housing is estimated to be $6 billion and the cost of livestock losses has been pegged at $4 billion. The preliminary report showed that the overall loss in the growth of GDP will be 2.8-3.3 per cent due to the floods. Over 600,000 small businesses, nearly half of them in Sindh, have been impacted. That means 6.55 million people are without jobs and earning opportunities now, reports The Express Tribune. UN Secretary-General Antonio Guterres, who arrived in Pakistan on Friday on a two-day solidarity visit, has appealed for support from the international community.