IMF mission to visit Pakistan for $1b climate financing talks

An International Monetary Fund (IMF) mission is set to visit Islamabad next week to discuss providing around $1 billion in climate financing for Pakistan, according to an adviser to the finance minister.

Khurram Schehzad informed Reuters that the mission is scheduled to visit from February 24 to 28 for a “review and discussion” of climate resilience funding.

The disbursement will occur through the Fund’s Resilience and Sustainability Trust, established in 2022 to offer long-term concessional funding for climate-related initiatives, including adaptation and the shift to cleaner energy sources.

In October of last year, Pakistan formally requested approximately $1 billion in funding from the IMF under the trust to address the country’s susceptibility to climate change.

Geo News TV in Pakistan previously reported that the IMF is set to release $1 billion for climate financing next week.

The country’s economy is slowly recovering after being stabilised with a $7 billion IMF Extended Fund Facility that was secured late last year.

Schehzad stated that another IMF mission is scheduled to arrive in Pakistan in the first week of March for the initial review of the facility.

Attribution: Reuters

Subediting: Y.Yasser