The losses from the flash floods in Nepal could run into at least “a few billion dollars”, the country’s finance minister Swarnim Wagle said, while seeking a “different fundraising campaign” for reconstruction.
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”. The Nepal minister termed preliminary estimates as “quite worrying.”
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.
