Pakistan estimates Rs822bn flood losses, over 1,000 lives lost: Ahsan Iqbal

ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Friday said Pakistan suffered an estimated loss of Rs822 billion (around $2.9 billion) in recent floods that claimed more than 1,000 lives across the country.

Speaking at an event to launch the Planning Ministry’s monthly development update and the initial damage assessment report, the minister said the government has begun regularly releasing monthly performance reports to ensure transparency and accountability.

He said the recent floods caused large-scale devastation, particularly to the agriculture and infrastructure sectors.

“Preliminary estimates show that agriculture sustained losses of Rs430 billion, while infrastructure damage is valued at Rs307 billion,” he added.

According to the report, Punjab recorded damage to over 213,000 houses, Balochistan over 6,000, Sindh 3,332, and Khyber Pakhtunkhwa more than 3,200 homes.

In Azad Jammu and Kashmir and Gilgit-Baltistan, more than 3,600 houses were affected. Over 2,267 educational institutions were also damaged, while 0.6 to 1.2 million tonnes of rice crops are feared to have been affected.

On the economic front, Iqbal said inflation in the first quarter of the ongoing fiscal year had declined from 9.2% to 4.2%, while tax collection increased by 12.5%, with the Federal Board of Revenue collecting Rs2.884 trillion compared to Rs2.563 trillion in the same period last year.

He said private sector and bank credit grew by 16%, reflecting business expansion, and remittances increased by 8.5%, showing renewed confidence among overseas Pakistanis.

Highlighting the government’s reform agenda, Iqbal said 2026 will be observed as the “Year of Reforms and Modernisation of the Economy.” He said the government aims to eliminate red tape, improve governance, and build a business-friendly regulatory framework.

The minister said under the Uraan Pakistan framework, the government plans to transform Pakistan into a $1-trillion economy by 2035, emphasising structural reforms in all sectors to achieve sustainable growth.

He added that Pakistan had achieved notable diplomatic successes recently, including renewed engagement with the United States following the Gaza ceasefire and progress in agreements with Saudi Arabia. “The government is committed to building a Pakistan where every citizen has access to decent employment, quality education, and a secure future,” he said, adding that societal unity, investment in youth, and efficient civil services were vital to realising this vision. Staff Report