World Bank raises Pakistan flood aid

Washington, Thursday

The World Bank yesterday raised flood aid to Pakistan to $1 billion while the IMF approved $450 million in emergency financing to help the nation cope with its worst-ever humanitarian disaster.

The World Bank would “raise its flood-related support in the current fiscal year to $1 billion from $900 million,” the bank’s president Robert Zoellick told Pakistan Finance minister Hafeez Shaikh.

IMF chief Dominique Strauss-Kahn announced separately that the fund “will provide around $450 million in immediate emergency financing” to Pakistan to help it manage the aftermath of the massive and devastating floods.

The floods have engulfed an area the size of England, affecting more than 18 million people. (AFP)