Posts

Showing posts with the label DEBTS

UK MP urges world to cancel Pakistan debts amid flood disaster

Image
UK MP Claudia Webbe. File photo LONDON: UK MP Claudia Webbe has asked the world to cancel Pakistan’s international debts amid devastating floods that have wreaked havoc across the country pushing inflation to a 47-year high . The call from the UK lawmaker came as Pakistan deals with the worst climate disaster with officials saying more than 33 million people are affected -- one in every seven Pakistanis -- and reconstruction work will cost more than $10 billion. Rains, described by UN chief Antonio Guterres as a "monsoon on steroids" have claimed hundreds of lives since June, unleashing powerful floods that have washed away swathes of vital crops and damaged or destroyed more than a million homes. Read more:  Floods destroyed 118 districts, caused Rs2,000bn loss MP Claudia Webbe joined several other international figures who have supported Pakistan saying the country is facing a crisis which is caused by the developed world. “Inflation in Pakistan is at an all