Pakistan requests $2bn in climate financing from IMF
Pakistan is set to request $2 billion in climate financing from the International Monetary Fund (IMF). This follows an earlier request for a $1.5 billion loan made by Prime Minister Shehbaz Sharif during his meeting with IMF Managing Director Kristalina Georgieva at the United Nations General Assembly (UNGA) in New York.
According to sources, Finance Minister Muhammad Aurangzeb will formally make the $2 billion request during the IMF’s annual meetings. The Ministry of Finance has completed its preparations for the request, and discussions will also take place with the World Bank president regarding financing for climate projects.
Earlier, Pakistan’s initial request for climate-related financing was not given urgent consideration by the IMF. However, this new request will focus on supporting Pakistan’s Climate Resilience and Sustainability Facility, which aims to promote economic stability and sustainable development by addressing climate change impacts.
Finance Minister Aurangzeb has already left for the United States, accompanied by senior officials from the Ministry of Finance and the State Bank of Pakistan. The meetings with the IMF and the World Bank will be crucial for securing financial support for Pakistan’s ongoing climate resilience efforts.
