Pakistan urged to avail G77’s facility to face flood disaster

Though Pakistan will have to seek another loan from International Monetary Fund (IMF) to help recover from the recent catastrophic floods in the country, a report of Oxfam released on Monday recommends the country to avail the ‘Loss and Damage Finance Facility’ proposed by G77 plus China at the Climate Change Conference of the Parties (COP26). If the Loss and Damage Finance Facility is operationalised and adequately resourced, it would help Pakistan fill the extensive gaps in addressing loss and damage caused by the floods, says the Oxfam report titled, The Cost of Delay. The facility would come in the form of grants to ensure the country was not further burdened by debt in the aftermath of a climate-induced disaster. The facility would provide substantially more finance to help first responders, usually local organisations, to respond to the crisis, the report says.