The cost of rebuilding Pakistan after last year’s devastating floods will exceed $16 billion “and far more will be needed in the longer term,” the UN chief said on Monday.

“Pakistan is doubly victimized by climate chaos and a morally bankrupt global financial system,” Antonio Guterres said at the International Conference on Climate Resilient Pakistan in Geneva, jointly hosted by Pakistan and the UN.
Guterres said the global financial system routinely denies middle-income countries the debt relief and concessional funding needed to invest in resilience against natural disasters.
He identified South Asia as one of the world’s global climate crisis hotspots.
Guterres emphasized the need for creative ways to give developing countries access to debt relief and concessional financing.
He said there needs to be a redesign of public infrastructure, including roads, bridges, schools, and hospitals, as well as boosting employment and agriculture.
He also called for efforts to ensure that “technology and knowledge are shared with Pakistan to support its efforts to build a climate-resilient future.”
In his speech, Pakistan’s Prime Minister Shehbaz Sharif said the “terrifying wall of water killed more than 1,700 people, injured thousands more, and affected a total of more than 33 million, displacing 8 million people.”
Millions of acres of agricultural land were ruined, and more than 2 million homes damaged or destroyed, he added.
“We need to get 33 million people deeply affected by the floods their future back; their families must stand on their feet, and they must come back in life and earn their livelihood,” he said.
Isobel Coleman, deputy administrator for policy and programming at the United States Agency for International Development (USAID), said the US is committing a further $100 million to help Pakistan recover from the “devastating 2022 monster monsoon floods.”
This would be in addition to the $100 million the US has already pledged, bringing its total commitment to $200 million, she said.
“Our money is going to a number of different areas … also helping the Pakistani government and people build back better by investing in clean climate solutions,” said Coleman.
Ursula von der Leyen, president of the European Commission, said the EU will provide some €500 million ($535 million) for reconstruction, in addition to €172 million in humanitarian assistance.
The UK has raised over £40 million ($49 million), said Andrew Mitchell, the minister of state for development and Africa.
“This money will fund leading UK aid charities which are providing emergency relief on the ground,” he said.