ISLAMABAD    -    The unprecedented flooding has exposed Pakistan’s economy apart from destroying life and property.

Pakistan was already in economic crises when the floods struck. The world’s positive response gave some hope amid the catastrophe.

As the country’s financial wizards tried to convince the International Monetary Fund (IMF) of all measures to save the deal, the flood had dominated at least one-third of the country.

Researchers say the catastrophe probably started with phenomenal heat waves. In April and May, temperatures reached above 40°C for prolonged periods in many places.

The intense heat also melted glaciers in the northern mountainous regions, increasing the amount of water, flowing into tributaries that eventually make their way into the Indus River.

The effect is that Pakistan has received almost twice its average annual rainfall. The provinces of Sindh and Balochistan have received more than five times that average.

Once on land, much of that water has nowhere to go. More than 1.2 million houses, 5,000 kilometres of road and 240 bridges have been destroyed by floods.

Pakistan was on the verge of economic collapse when the IMF finally approved the funding.  The political leaders are engaged in a blame game and cross-allegations of corruption against each other as the economy continues to slide.

The forex reserves of the country dropped to $8.24 billion. The rate of unemployment is reigning very high, while inflation has skyrocketed. The depreciation of Pakistani rupee still continues. The supply and demand of currencies depend on the trade deficit which has widened and debt servicing requirements had increased over time.

As the economic situation worsens, the average citizen of Pakistan is suffering under the weight of the IMF-mandated removal of energy subsidies and other measures besides unbridled inflation and steep depreciation of PKR against the US dollar.

The coalition government has stated that the country will need around $ 5 billion by the end of financial year 2022-23 on top of the IMF loan.

Recently, Finance Minister Miftah Ismail said that Pakistan’s economic hardships might not continue beyond September.

Under normal circumstances, the IMF funding might have put Pakistan back on track but the massive flooding, affecting millions of people, has raised further challenges.

Amid calls for help by the Pakistani leaders and the people from other countries, Pakistan’s economy stood exposed. The floods proved, the country was far from handling any calamity on its own and remains heavily dependent on foreign help today as in the past.