The IMF has advised the government to allocate at least 1% of GDP annually—over Rs1.24 trillion—to climate adaptation efforts to mitigate economic disruptions caused by extreme weather events, particularly floods.
ISLAMABAD: A technical team from the International Monetary Fund (IMF) has arrived in Islamabad for a three-day visit to discuss climate financing and related policy measures, Finance Minister Muhammad Aurangzeb confirmed.
The finance czar said that a second IMF team would visit next month to discuss matters related to the country’s progress under the latest $7 billion Extended Fund Facility (EFF).
According to sources, the four-member IMF team will hold negotiations, starting today, with federal and provincial authorities to review climate funding strategies, including green budgeting, tracking, and reporting mechanisms.
This engagement will focus on Pakistan’s request for over $1 billion in additional financing under the Resilience and Sustainability Facility (RSF) alongside preparations for a policy review of the country’s performance under the ongoing $7 billion Extended Fund Facility (EFF).
According to IMF Resident Representative Mahir Binici, the mission will assess Pakistan’s commitment to climate-focused economic reforms and technical aspects of the RSF arrangement.
The discussions, set to run until February 28, aim to assess Pakistan’s progress on climate adaptation and financing.
One key agenda item is the proposed introduction of a carbon levy in the federal budget for the 2025-26 fiscal year.
As per details, Pakistan has prepared a Public Investment Procedures and Parameters report under the IMF conditions to qualify for the Resilience and Sustainability Facility.
The IMF has advised the government to allocate at least 1% of GDP annually—over Rs1.24 trillion—to climate adaptation efforts to mitigate economic disruptions caused by extreme weather events, particularly floods.
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