The devastating flash floods in Pakistan have inflicted a loss of at least $12 billion on different sectors of the country’s struggling economy, according to Federal Ministry for Finance.

Sources in the ministry said that Finance Minister Miftah Ismail has informed the International Monetary Fund (IMF) officials about the damage caused by the ravaging floods.

The finance ministry has prepared a flood damage report and sent it to Prime Minister’s Office, the sources said.

According to the report, the economic growth rate is estimated to drop from 5 percent to 3.3 percent due to the floods.

The rate of employment providence is expected to decline by 1.2 percent, while development projects worth Rs. 180 billion are expected to remain incomplete owing to floods. Consequently, 600,000 jobs will not be provided due to the negative impact on the development sector.

Sources say that the flood damage report will also be sent to the Asian Development Bank (ADP), the World Bank and other financial institutions.

The government will seek help from ADB, World Bank and other international financial institutions to recover these losses.

Country economy going through hard times due to floods: Miftah

Minister for Finance and Revenue Miftah Ismail said that due to devastating floods in the country, the economy is going through hard times that have damaged the agriculture sector and infrastructure badly.

The finance minister in a meeting with Counselor of the United State Department of State Derek Chollet, who called on him, said the government was taking several administrative measures for dealing with these challenging times, said a press release issued by the finance ministry.

The US Counselor was accompanied by US Ambassador to Pakistan Donald Blome.

Miftah welcomed the delegation and shared about the mutual multi-dimensional ties between both countries.

The minister apprised the delegation about the current overall macroeconomic outlook of the country.

Miftah further enlightened the delegation that Pakistan’s path to sustainable economic growth has become narrow due to the devastation caused by the floods but present government’s top priority is to sustain the path of economic growth.

The minister also apprised the delegation about the progress on the World Bank programs in Pakistan including RICE and PACE.

Derek Chollet introduced his team and appreciated the efforts of the minister on undertaking various hard measures for setting the economy of Pakistan on trajectory of growth.

He also shared compassionate views over hard times being faced by Pakistan due to floods in Pakistan.