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Floods in Pakistan would cost more than $10 billion, according to minister

Pakistan’s planning minister says the floods have caused at least $10bn (£8.5bn) of damage. His comments come as another government minister said that one-third of the country has been submerged.

Pakistan also received a $1.1bn bailout from the International Monetary Fund (IMF). In a statement on the $1.1bn bailout, IMF deputy managing director Antoinette Sayeh said: “Pakistan’s economy has been buffeted by adverse external conditions, due to spillovers from the war in Ukraine, and domestic challenges, including from accommodative policies that resulted in uneven and unbalanced growth.”

Even before the floods Pakistan was suffering from an economic crisis and had been negotiating with the IMF over a bailout.

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