Pakistan eyes securing more from IMF’s climate resiliency fund

Following a $7 billion loan programme from the International Monetary Fund’s (IMF) Extending Fund Facility (IMF), Pakistan is optimistic about obtaining additional funds from the lender's climate resiliency fund facility.

Finance Minister Muhammad Aurangzeb is currently on a visit to Washington with the intention of participating in the annual meeting of the IMF and the World Bank. 

During the visit, he will meet with finance ministers of allied nations, including the US, for a bilateral discussion.

The FinMin, during the meeting, said that the country entered a phase of relative stability following the recently approved $7 billion IMF programme.

Pakistan has had 25 IMF programmes to date, showing that the country is one of the frequent borrowers. 

For now, instead of seeking a new loan, Pakistan expressed hopes to acquire an additional amount from IMF’s climate resilience fund, Bloomberg said.

During the meeting, the finance minister advocated the mechanisms of debt relief and stressed concessional financing for vulnerable countries. 

FinMin also emphasised the integration of social protection measures into IMF lending frameworks and called for more financing directed at climate resilience.

Mr Aurangzeb supported the inclusion of challenges like climate risks, domestic public debt, and complex debt restructuring in the review of low-income countries' debt sustainability framework.