Pakistan Seeks $1.5 Billion from IMF to Address Climate Change
NEW YORK: Pakistan has requested an additional $1.5 billion loan from the International Monetary Fund (IMF) to tackle the pressing impacts of climate change, according to ARY News.
In a meeting with IMF Managing Director Kristalina Georgieva, Prime Minister Shehbaz Sharif emphasized the urgent need for action to mitigate climate-related challenges in the country. The requested funds will support Pakistan’s Climate Resilience and Sustainability Facility, aimed at fostering economic stability and sustainable development.
The Prime Minister expressed gratitude for the IMF’s technical assistance and capacity-building initiatives, which have been instrumental in enhancing the country’s institutions and economic management.
Georgieva voiced the IMF’s commitment to supporting Pakistan’s efforts, highlighting the importance of maintaining macroeconomic stability and fostering inclusive, sustainable growth.
They also discussed the critical need for mobilizing adaptation financing for climate change. The Prime Minister agreed to have the Finance Minister address this vital issue with senior IMF management during the Annual Meetings in October.
