Economy

Pakistan Seeks $2 Billion in Climate Financing from IMF

Delegation meets IMF officials during Washington talks, emphasizes urgent need for climate funding.

Washington-(Special Correspondent/Webdesk): Pakistan’s economic delegation, led by the finance minister, met with IMF Deputy Managing Director Kenji Okamura during the annual IMF and World Bank meetings, seeking $1.5 to $2 billion in climate financing to address the country’s environmental challenges. IMF officials assured the delegation that the request would be taken into consideration.

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Key economic issues were discussed, with participation from the finance secretary and the governor of the State Bank of Pakistan. The Pakistani team briefed the IMF on efforts to expand the tax base, harmonize provincial agricultural taxes with federal taxation, balance subsidies, and explore strategies to lower energy costs to boost financial resources.

The meeting also touched on accelerating private sector development and continuing prudent policies in financial and external sectors. Okamura stressed the need for Pakistan to persist with IMF-recommended reforms to ensure long-term economic stability.

In a separate discussion with IMF Director Jihad Azour, the delegation expressed appreciation for the IMF’s support through the $7 billion Extended Fund Facility (EFF). Azour emphasized the importance of maintaining reforms, ensuring financial stability, and increasing revenue efforts.

Pakistan Requests $2 Billion from IMF to Combat Climate Issues

Additionally, the Pakistani team met with representatives from Alvarez and Marsal in Washington, DC, to explore options for accessing international capital markets and engaging external creditors for securing essential funds. Pakistan is urgently seeking climate financing to combat the growing challenges of climate change, which have significantly affected its agricultural sector and overall economy.

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