Islamabad, October 21,2024- Pakistan has decided to reapply to the International Monetary Fund (IMF) for climate financing, according to media reports. During the annual meetings of the IMF and World Bank, Pakistan’s finance minister is expected to request $2 billion in climate financing from the IMF.
Sources reveal that the Ministry of Finance has completed its groundwork ahead of the meeting with the IMF Managing Director. Additionally, discussions with the World Bank President will focus on financing for climate change-related projects.
Following final discussions with the IMF Managing Director, Pakistan could secure up to $2 billion in financing. Pakistan’s initial request for climate financing was not immediately approved by the IMF. Officials from the Ministry of Finance also stated that they will review preliminary reports on progress towards the goals set in Pakistan’s loan program with the IMF. The finance minister, along with the Secretary of Finance and officials from the State Bank of Pakistan, will participate in the annual meetings until October 26. The finance minister is expected to return by the weekend after attending the IMF’s annual conference.
