Pakistan Requests Additional $1.5 Billion Loan from IMF for Climate Resilience
NEW YORK – Pakistan has formally requested an additional $1.5 billion loan from the International Monetary Fund (IMF) to support its efforts in combating climate change, ARY News reported. The loan will aid Pakistan’s Climate Resilience and Sustainability Facility, aimed at promoting economic stability and sustainable development in the country.
Prime Minister Shehbaz Sharif made the request during a meeting with IMF Managing Director Kristalina Georgieva, emphasizing the urgent need for action to mitigate climate impacts. The IMF has already extended significant support to Pakistan through various programs, including a recent $7 billion Extended Fund Facility.
For more details on Pakistan’s economic strategy, visit Ground Zero’s Pakistan News Section.
Had a productive meeting with @IMF Managing Director Ms. Kristalina Georgieva on the sidelines of #UNGA79 . Thanked her for her support for Pakistan in successfully securing an EFF package worth USD 7 billion for the next 37 months. We also agreed on the urgent need to mobilise… pic.twitter.com/j4qwsQXZJK
— Shehbaz Sharif (@CMShehbaz) September 26, 2024
Climate Change and Economic Stability
During the meeting, PM Shehbaz Sharif expressed his gratitude for the IMF’s technical assistance and capacity-building programs, which have helped bolster Pakistan’s institutions and improve its economic management. The IMF Managing Director assured continued support, emphasizing the importance of maintaining macroeconomic stability and promoting inclusive growth.
To explore more about Pakistan’s economic challenges and solutions, check out Ground Zero’s in-depth analysis.
Mobilizing Adaptation Financing
Prime Minister Shehbaz Sharif and Kristalina Georgieva also discussed the need for mobilizing adaptation financing for climate change. Both leaders agreed that this critical issue should be taken up during the IMF Annual Meetings in October. Pakistan’s Finance Minister will continue the dialogue with senior IMF management.
For more updates on Pakistan’s financial strategies, explore Ground Zero’s Economy Section.
Strengthening Cooperation
Both parties committed to strengthening cooperation between the Pakistan government and the IMF to promote economic stability and sustainable growth. The additional $1.5 billion will be a key part of Pakistan’s Climate Resilience and Sustainability Facility, designed to address climate-related challenges while promoting a green economy.
For more on global financial assistance, visit the IMF’s Climate Change Page.
