| Islamabad: An International Monetary Fund (IMF) mission is set to arrive in Islamabad next week to discuss a USD 1 billion climate financing package for Pakistan, an adviser to the country’s finance minister confirmed on Thursday.
According to Khurram Schehzad, the mission will visit from February 24 to 28 for a review and discussion on climate resilience funding. The financing is part of the IMF’s Resilience and Sustainability Trust (RST), a program launched in 2022 to provide long-term concessional funding for climate adaptation and clean energy transition.
Read: ADB funds USD 500 mn for climate adaptation, disaster response in Pak
Pakistan had formally requested USD 1 billion under the RST in October 2023 to help address its vulnerability to climate change. The country ranks among the most climate-affected nations, with extreme weather events, including the devastating 2022 floods that impacted 33 million people and caused over 1,700 deaths.
A separate IMF delegation is expected to visit Pakistan in early March for the first review of the USD 7 billion Extended Fund Facility (EFF), which was secured last year to stabilize the economy.
Pakistan’s economic recovery remains fragile amid high debt and fiscal challenges, making climate financing crucial for long-term sustainability. |
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