Flood loss estimates rise to Rs900 billion

KARACHI, Aug 26 (NNI): The flood damages in the country are estimated to be more than Rs900 billion.
The country witnessed ‘more rain than ever recorded’ this season as the delay in wheat sowing, cotton and rice crops have been severely damaged.
According to the research of JS Brokerage, the floods that have occurred across the country this season have caused severe damage to life, crops and infrastructure. According to the report, the damages caused by the flood cannot be accurately estimated, but the damages will be more than Rs900 billion, which are more than the flood of 2010-11.
According to the report, exports will be low and imports will be high this season due to floods. It will take two to three months for the land to dry, which will delay sowing of wheat. Due to the delay in sowing of wheat, the wheat harvest will be affected and as a result wheat worth up to $1.7 billion will have to be imported.
The report, it was said that rice worth $2.5 billion dollars was exported last year, which will not be possible this year, but cotton may have to be imported. Due to the deaths of cattle, the price of meat and the destruction of crops and gardens will increase the prices of commodities, due to which the inflation in the country will reach a new record. While the government will not be able to achieve the financial deficit target due to the increase in spending on public projects. NNI