Pakistan High Stakes Deal with the IMF, 1 Billion Dollars for Climate Resilience

Pakistan High Stakes Deal with the IMF, 1 Billion Dollars for Climate Resilience

| 13-Feb-2025

Pakistan is bracing for a high-stakes showdown with the International Monetary Fund (IMF) as the country prepares to welcome not one, but TWO critical policy-level missions aimed at securing over a staggering $1 billion in additional financing for climate resilience. This comes amidst ongoing discussions over the $7 billion Extended Fund Facility (EFF).

A technical mission has already landed in the country, scrutinizing Pakistan�s judicial and regulatory frameworks, while the IMF�s first mission on climate resilience will descend on February 24. The focus? Pakistan�s urgent appeal for more than $1 billion from the Resilience and Sustainability Facility (RSF), a lifeline offering long-term, low-cost financing to nations that are making bold strides toward climate adaptation reforms.

But that�s not all�another mission is scheduled for the first week of March to conduct the highly anticipated biannual performance review of the $7 billion EFF. In October 2024, Pakistan formally requested the IMF to bolster its EFF with an additional $1.2 billion under the RSF to battle climate change, with the government moving swiftly to fulfill critical commitments, including a groundbreaking cabinet-approved mechanism for publishing the assets and tax returns of top officials.

This intense engagement follows the heated meeting between Prime Minister Shehbaz Sharif and IMF Managing Director Kristalina Georgieva in Dubai at the World Governments Summit, where Pakistan�s leader passionately pushed for the Fund�s backing in overhauling the nation�s faltering energy sector.

The IMF has sent a stark message to Pakistan: allocate at least 1% of the nation�s GDP�over Rs1.24 trillion this year�toward tackling climate change and resilience efforts, as the country braces for increasingly extreme weather disasters. The battle for climate adaptation funding has never been so critical.

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