Plan to combat natural disasters shared with IMF

Rs30 billion to be spent on climate change, agriculture and food security, notes IMF statement

ISLAMABAD:

Pakistan has informed the International Monetary Fund (IMF) of its plan to come to grips with the natural disasters in the wake of the devastating floods that inflicted an estimated loss of $30 billion.

In a statement, the Fund noted that the country faced some of the highest disaster risk levels in the world.

“The incumbent government of Pakistan has devised an action plan to deal with the challenges,” the IMF said. It observed that Rs30 billion will be spent on climate change, agriculture and food security.

The plan focuses on strengthening flood prevention and food security. “The country will get assistance from United Nations (UN) Environment Programme,” it added.

The statement comes after the global monetary fund’s board conveyed its concerns about Pakistan’s past poor record and advised it to complete the new programme to reduce the trust deficit.

Prime Minister Shehbaz Sharif also had a telephonic conversation with IMF Managing Director Kristalina Georgieva and assured her that Islamabad was serious this time to bridge the trust deficit.

Highly-placed sources had told The Express Tribune that on behalf of the board, the IMF Executive Director Bahador Bijani, communicated the message to Finance Minister Ishaq Dar through a virtual contact.The contact was made on Thursday – a day after the IMF board approved the $3 billion Stand-By Arrangement (SBA) programme.

Bijani is one of the 24 executive directors on the IMF board and represents the constituencies of Algeria, Ghana, Iran, Libya, Morocco, Pakistan and Tunisia. The sources said that the board had asked Bijani to convey the tough message to Pakistan.