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Pakistan Floods Caused Deterioration in Economic Outlook: IMF

Nov. 15 (Bloomberg) -- The floods that struck Pakistan starting in July have “led to a sharp deterioration in the economic outlook,” the International Monetary Fund said today in a statement released in Washington.

“The agriculture sector, which accounts for 21 percent of GDP and nearly half of employment, has been hit particularly hard. There has also been substantial damage to infrastructure and private property,” according to the IMF statement.

The IMF said Pakistan “will continue to have large gross external financing requirements in the next few years. The floods have added to these needs.”

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To contact the editor responsible for this story: Kevin Costelloe at kcostelloe@bloomberg.net

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