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Pakistan Seeks $2 Billion Climate Financing from IMF
Pakistan's Finance Minister Mohammad Aurangzeb will seek $2 billion in climate financing from the IMF during the annual meetings to support climate change projects.
ND
by News Desk
2024-10-21
Pakistan Seeks $2 Billion Climate Financing from IMF

Pakistan has decided to request $2 billion in financing from the International Monetary Fund (IMF). Finance Minister Mohammad Aurangzeb is scheduled to present this request during the annual meetings of the IMF and World Bank.

 

Meeting with IMF Managing Director

During a recent meeting with the Managing Director of the IMF (MDIMF), the Ministry of Finance concluded the groundwork necessary for the climate financing request. This development marks a significant step in Pakistan's ongoing efforts to address climate change and its associated impacts.

 

Climate Financing Plans

The financing will be targeted towards various climate change projects aimed at mitigating environmental challenges faced by the country. As part of the discussions, the Ministry of Finance plans to collaborate with the World Bank to explore further funding opportunities related to climate change.

 

Previous Requests and Future Expectations

It's worth noting that Pakistan's initial request for climate financing was not immediately accepted by the IMF. However, sources within the Ministry of Finance have indicated that preliminary reports regarding the implementation of climate goals will be reviewed in conjunction with IMF officials following the loan program.

 

Finance Minister Aurangzeb, alongside the Secretary of Finance and State Bank officials, is expected to attend the annual meetings, which will take place before October 26. Following these meetings, the finance minister will return to Pakistan by the end of the week.

 

Conclusion

The request for $2 billion in climate financing from the IMF is a crucial step for Pakistan as it seeks to implement effective climate change strategies. With the ongoing discussions and collaborative efforts with international financial institutions, Pakistan aims to secure the necessary funding to address its pressing environmental challenges and promote sustainable development.
Tagged:

FinanceMinister

SustainableDevelopment

PakistanIMF

ClimateFinancing

IMFAnnualMeetings
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