Pakistan to request IMF for $2bn in climate financing
Business
Aurangzeb would make request for additional $2 billion during annual meetings of the IMF
ISLAMABAD (Dunya News) – Pakistan has decided to request the IMF (International Monetary Fund) for $2 billion climate financing.
Pakistan had last month sought an additional $1.5 billion loan to tackle the effects of climate change in the country during Prime Minister Shehbaz Sharif’s meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the 79th session of the United Nations General Assembly (UNGA) in New York.
According to sources, Finance Minister Muhammad Aurangzeb would make request for additional $2 billion during annual meetings of the IMF. The ministry has completed working in this regard, they added.
Sources said that plans for financing climate projects would also be discussed with the president of the World Bank.
It may be recalled that the first request for financing was not considered by the IMF “on urgent basis.”
Sources in the Ministry of Finance said that the minister will participate in annual meetings of the IMF in New York along with the secretary finance and State Bank officials.
The financing will support Pakistan's Climate Resilience and Sustainability Facility, which aims at promoting economic stability and sustainable development in the country.
Meanwhile, Finance Minister Aurangzeb on Sunday departed for the United States to participate in the annual meetings of the IMF and the World Bank.
