The Pakistani ministry of planning estimates that the severe floods have cost at least $10 billion (£8.5 billion) in damage.
Another government minister recently stated that a third of the South Asian nation has drowned.
Separately, Pakistan received a $1.1 billion bailout from the International Monetary Fund on Monday (IMF).
The purpose of this funding is to prevent the cash-strapped economy from defaulting on its debts.
The flash floods, which were triggered by unprecedented monsoon rainfall, have claimed the lives of at least 1,136 people and affected more than 33 million, or more than 15 percent of the country’s population.
Additionally, the severe rains have destroyed roads, crops, homes, bridges, and other infrastructure.
“I believe it is going to be enormous. As of this news, a very early, preliminary estimate indicates that it is substantial, over $10 billion “The Pakistani minister of planning, Ahsan Iqbal, stated to Reuters.
Mr. Iqbal stated that the country would experience severe food shortages in the following weeks and months and that he believed the floods were worse than those that struck Pakistan in 2010, which were the deadliest in the country’s history, killing over 2,000 people.
He also urged wealthier nations to provide financial assistance to Pakistan, which he claimed was a victim of climate change caused by the “irresponsible development of the developed world.
To ease food shortages, Pakistan’s finance minister Miftah Ismail suggested importing vegetables from archrival India.
Sherry Rehman, the country’s minister for climate change, called the situation a “humanitarian catastrophe of epic proportions” on Monday.
Ms. Rehman told the AFP news agency that one-third of Pakistan is currently submerged in water, which exceeds every previous limit and standard.
Before the floods, Pakistan was already experiencing an economic crisis and had been in talks with the IMF regarding a bailout.
As its economy suffers with an annual inflation rate of about 25%, the country has only enough foreign currency reserves for around one month of imports, according to data disclosed in recent weeks.
In a statement about 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, such as accommodative policies that led to uneven and unbalanced growth.”
The statement made no mention of the flooding.
Extreme precipitation is more likely to occur as a result of climate change-induced warming of the atmosphere.
Since the beginning of the industrial age, the world has already warmed by approximately 1.2°C, and temperatures will continue to rise unless governments worldwide implement drastic emission reductions.
