Nepal’s Finance Minister, Swarnim Wagle, has stated that the financial losses from the recent flash floods could amount to at least “a few billion dollars.” In light of this significant impact, Wagle has called for a “different fundraising campaign” aimed at supporting the country’s reconstruction efforts.
“Cumulatively, I think the losses and damages when they will be finally quantified in a week or so, will amount to at least a few billion dollars,” Wagle said in an interview with Bloomberg Television.
This comes even as the Nepal Police said at least 547 people were killed in the flash floods which surged through the border region between Nepal and Tibet, sweeping away entire villages, AFP reported. The disaster has prompted the $45 billion economy to seek international funding for the massive reconstruction efforts.
Wagle said the losses and damages from the tragedy “will be finally quantified in a week or so” and “will amount to at least a few billion dollars”. Tracing the disaster management following the floods, Wagle said the first phase involving rescue and relief is currently underway. In the second phase, according to Nepal’s finance minister, the country’s government is planning to put in place temporary shelter. This would also include providing basics like food, water, electricity, and telecommunications, and “possibly “cash for work initiatives.”” The minister highlighted the global aid, saying multilateral institutions including the World Bank and Asian Development Bank have committed funds for humanitarian needs. He said neighbouring countries including India and China had also provided supplies and financial assistance. The finance minister said Nepal has an established bilateral mechanism for channeling aid from both the Indian and Chinese government. When asked about warnings of a second outburst, Wagle told Bloomberg that Nepal’s government was aware of them and people were being evacuated to safer places. “Right now, the river basin that might be potentially be affected is really uninhabitable,” he said, adding that there was “no one there” at present.
The Nepal minister termed preliminary estimates as “quite worrying.
