Aurangzeb expects IMF staff-level agreement by month's end

Finance Minister Mohammad Aurangzeb on Monday announced that the country is expected to secure the International Monetary Fund's (IMF) staff-level agreement approval by the end of August.

Speaking at an event in Islamabad, Aurangzeb emphasised the importance of this agreement for Pakistan's economic stability and highlighted plans for climate finance discussions with the IMF and World Bank.

Aurangzeb stated that Pakistan is among the countries significantly impacted by climate change, and following the IMF agreement approval, talks will commence on climate financing.

These discussions are set to take place during the annual meetings with the IMF and World Bank in October.

The finance minister expressed concern over Pakistan's rapidly growing population, describing it as a "population bomb" that has already exploded.

He stressed the need for effective plans to mitigate the effects of climate change and control population growth, emphasising the importance of collaboration with international organisations for climate finance.

He highlighted the collaborative efforts between the Ministry of Finance, the Ministry of Climate Change, the IMF, and the World Bank to develop effective strategies for climate financing.

Aurangzeb underscored the importance of improving the monitoring of climate change projects with the support of these organisations.

The finance minister also called for private sector involvement in improving the country's economy and developing climate change policies.

Aurangzeb pointed out the need for better economic conditions through budget and tax measures, energy sector reforms, and enhanced living standards to address the challenges posed by climate change.

As Pakistan prepares for the upcoming IMF and World Bank meetings, the government's focus remains on securing the IMF agreement and advancing climate finance discussions to address the pressing challenges of climate change and economic stability.