South Asia Investor Review

Pakistan has received pledges of $10 billion worth of loans and grants to rebuild after devastating floods last year, according to  Bloomberg  News. The amount pledged exceeds the $8 billion that Pakistan sought at the United Nations Donors Conference that concluded today in Geneva, Switzerland. The massive floods affected 33 million people living on vast swathes of land in rural Sindh and Balochistan. The flood waters killed an estimated 1700 people and  millions of animals. The floods also washed away millions of acres of standing crops, tens of thousands of homes and thousands of kilometers of roads. The total flood damage is estimated at  $33 billion  in economic losses, and cost of rebuilding is estimated at $16.5 billion. Prime Minister Shahbaz Sharif and U.N. Secretary-General António Guterres attended in-person, while world leaders such as French President Emmanuel Macron and Turkish President Recep Tayyip Erdoğan took part virtually.  UN Donors Con...

COP27, the United Nations climate summit,  opened in Egypt on Sunday with the addition of negotiations over funding to compensate nations for “loss and damage” as an official agenda item. Pakistan led the push for it with the support of 134 developing nations. Discussions at  COP26  in Scotland were mainly focused on funding "mitigation" and "adaptation", not compensation for "loss and damage".   Pakistan Pavilion at COP27 Conference in Sharm Al-Sheikh, Egypt The "loss and damage" agenda item was proposed by Pakistan during talks at Bonn after the country suffered heavy losses in unprecedented floods that hit a third of the country.  “My country, Pakistan, has seen floods that have left 33 million lives in tatters and have caused loss and damage amounting to 10% of the GDP,” said Ambassador Munir Akram, the 2022 chair of the G77—a group of 134 developing countries, at the opening session of COP27 at Sharm al-Sheikh, Egypt.  Cumulative CO2 Emissio...