Pakistan floods dig deeper into its economy

The floods, which have been caused by record rainfall in Pakistan during the monsoon season and melting glaciers in the mountains are just another add-on to its struggling economy.

Pakistan said the floods caused $10 billion in damages, but authorities say the damages are far greater than the initial estimates.

According to reports, an estimated 800,000 cattle - a key source of income for rural families - have been lost in the floods.

Though the International Monetary Fund (IMF) and friendly countries have come to the rescue, things are going to worsen for the common man as a result of the conditionalities imposed, and with prices of essential commodities skyrocketing.

Pakistan floods has been facing an acute shortage of tomatoes, onions, potatoes and other food items after floods destroyed crops, pushing up prices to unprecedented levels across the country.

Pakistan is also a producer of cotton, which is used in the country's textile industry - a major employer. Manufacturers are bracing for a shortage of that too.

The inflation rate was more than 24% before the floods, according to reports, and some costs have climbed by 500%.

At one point, nearly a third of the impoverished country was underwater, several economists say the cost of the disaster may reach $30 billion.

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